Trump says he will impose a 100% tariff on China

President Donald Trump said Friday that he would be hitting Chinese goods with a 100% tariff “over and above any tariff that they are currently paying,” a move that reinvigorates a once-cooling trade war between the world’s largest economies

President Donald Trump said Friday that he would be hitting Chinese goods with a 100% tariff “over and above any tariff that they are currently paying,” a move that reinvigorates a once-cooling trade war between the world’s largest economies.

In a Truth Social post Friday afternoon, Trump said the new tariffs are in response to moves by China to institute export controls. On Thursday, China announced a series of new limits on the trade of rare earth minerals and technologies related to them.

Earlier on Friday, Trump had threatened a “massive” increase in tariffs on Chinese products, rocking markets and adding a fresh dose of uncertainty into trade relations between the world’s largest economies.

China has become “very hostile” on trade matters, Trump said in the earlier Truth Social post. “I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump wrote. The leaders were expected to announce a full-fledged trade deal at the meeting.

Trump added on Truth Social that the higher tariff would be enforced starting Nov. 1 “or sooner, depending on any further actions or changes taken by China.”