US President Donald Trump made a surprise announcement imposing additional 100% tariffs on all imported goods from China, effective November 1 of this year, or even earlier, depending on Beijing's further actions. This decision was a direct response to recent measures by Chinese authorities to tighten export controls on rare earth minerals, which play a key role in the production of high-tech products, including semiconductors and military equipment. Trump's announcement caused immediate turbulence in global financial markets, with the S&P 500 index losing more than two percent in a day, marking its sharpest decline since April.

In his post, Trump directly linked the new tariffs to China's "extremely aggressive stance" on trade, emphasizing that the country "has sent an extremely hostile message to the world by announcing large-scale export restrictions on virtually all of its products, including those not even made in China."

This announcement followed Trump's morning threats of "massive tariff increases," which had already caused the Dow Jones to fall 385 points, or 0,8 percent, and the Nasdaq to fall 1,75 percent. China's rare earth export restrictions, announced the day before, affected key materials, 100 percent of which are refined in China, and 90 percent of magnets are manufactured there. Beijing justified them by citing national interests, but Washington viewed them as an "economic declaration of war," according to House China Chairman John Mullinaar. Earlier in April, Trump had already imposed additional 84 percent tariffs, bringing the total rate to 104 percent, which led to a slowdown in trade between the two countries and prompted retaliatory measures from China, including 34 percent tariffs on American goods.