President Trump Says He Will Impose New Tariffs On Chinese Imports

Last Friday, Oct. 10, President Donald Trump announced that the U.S. government would impose a new tariff of 100 percent on imports from China “over and above any tariff” that is currently in place. The new penalties reportedly will take effect on Nov. 1, 2025. The president also said the government would impose export controls on “any and all critical software” from China on that date as well.

As CNBC explained, the move is in retaliation for new export controls the Chinese government imposed on rare earths minerals. Under China’s plan, importers will now need a government license to access certain rare-earth magnets, along with the refined metals and alloys that are part of their makeup.

Additionally, the Chinese government said that:

• In general, applications to export products with military uses will not be approved, and licenses for exports of lithium batteries and some of the materials used to make them will be required.
• Licenses related to semiconductors and artificial intelligence development will be considered on a case-by-case basis.

Some of the new controls took effect immediately, while those pertaining to lithium will take effect on Nov. 8. other controls will begin Dec. 1. The government said the policy is needed to protect China’s national security.

Around 70 percent of the global supply of rare earths minerals, which are essential for automobiles, defense products, semiconductors, and other products are made in China. President Trump also suggested that he would cancel a meeting with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation summit in South Korea because of China’s new controls.