The US-China trade conflict has escalated as President Donald Trump announced new measures against Beijing following China's expansion of rare earth export controls. On Friday, Trump imposed a 100% tariff on all Chinese exports to the United States and introduced restrictions on critical software exports starting November 1. China condemned the move as "double standards" but did not retaliate with new tariffs. Markets reacted sharply, with the S&P 500 falling 2.7%, Shenzhen down 2.5%, and Hong Kong’s Hang Seng around 3.5%. Trump later softened his tone on social media, emphasising cooperation. The planned Trump–Xi meeting at the APEC summit remains uncertain, leaving global markets on edge.
