Former Assistant Secretary of State for International Markets at the U.S. Treasury Department Mitchell Silk joins Varney & Co. To discuss China’s faltering economy, high-stakes trade talks, and how American influence could shift the balance of power.
president Donald Trump He took to Truth Social Friday to announce that the US will impose an additional 100% tariff on imports from China starting in November.
The announcement came hours after a separate post by Trump, in which he warned of possible new tariffs and suggested canceling a meeting with Chinese President Xi Jinping, claiming that Beijing was planning sweeping controls on exports of rare earth metals.
“As of November 1, 2025 (or earlier, depending on any other measures or changes taken by China), USA Trump will impose a 100% tariff on China, on top of whatever tariff they currently pay,” Trump wrote on Truth Social on Friday afternoon.
President Donald Trump pumps his fist before boarding Marine One at the White House on September 7, 2025 in Washington, DC (Roberto Schmidt/Getty Images/Getty Images)
“Also on November 1, we will impose export controls on any and all critical software.”
In his Social Truth post, Trump argued as much China has taken “Very aggressive” stance on global trade.
Trump threatens to increase ‘massive’ tariffs on China amid dispute over rare earth minerals
“We just learned that China has taken a very aggressive stance on trade by sending a very hostile letter to the world stating that, as of November 1, 2025, they will impose broad export controls on almost every product they make, and some products they don’t even make,” Trump said.
“This affects All countriesWithout exception, it was clearly a plan they had devised years ago. “It is completely unheard of in international trade, and it is a moral disgrace in dealing with other countries.”
Chinese President Xi Jinping takes part in a reception upon his arrival at an airport in Moscow, Russia, May 7, 2025. (Alexander Velv / RIA Novosti Host Agency / Handout via Reuters Images / Reuters)
The announcement came just hours after Trump warned of the possibility of new tariffs, claiming that China has told other countries that it wants to impose controls on exports of rare earth minerals, which are important components of advanced technologies ranging from… Of semiconductors to smartphones.
Trump proposes to settle matters with China on flights over Russia to and from the United States
“Some very strange things happen in China!” Trump posted earlier on Friday. “They have become very aggressive, sending messages to countries all over the world, wanting to impose export controls on every item of production related to rare earth elements, and anything else they can think of, even if it is not made in China.”
People wave the Chinese flag to celebrate China’s National Day on October 1, 2022, in Hong Kong, China. (Keith Tsuji/Getty Images/Reuters Images)
The escalation rocked global markets on Friday, sending the S&P 500 index down more than 2%, its biggest single-day decline since April, Reuters reported.
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On Thursday, China expanded its controls on exports of rare earth elements. The country supplies more than 90% of the world’s rare earth elements and rare earth magnets, according to Reuters.
FOX Business’ Eric Revell contributed to this report.
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