Trump Tariffs & Trade October 2025-

22 July
The tariffs that just won’t die
Donald Trump is adept at reviving levies. Achieving their goals is harder
(The Economist) Donald Trump’s tariffs have the persistence of a hydra. The Supreme Court struck down their main legal foundation in February, anxious markets have forced repeated retreats, and frustrated voters—two-thirds of whom say tariffs have raised consumer prices—have prompted exemptions for certain foods. Each setback forced Mr Trump to adjust tariffs. Yet they always returned.
Now America’s tariff regime is being revived by a brew of old statutes. On July 15th the administration imposed 25% duties on selected Brazilian goods under Section 301 of the Trade Act of 1974. It cited various offences, from favouring a home-grown payments system to illegal deforestation. As it happens, the action coincides with a broader feud with Brazil’s president, Luiz Inácio Lula da Silva.
Five days later Mr Trump invoked a dormant provision of 1930’s Smoot-Hawley Tariff Act to impose 50% levies on a selection of Canadian goods, ostensibly to punish America’s neighbour for discriminating against its cars, alcohol and dairy products. The duties will cover nearly $20bn of imports, including goods normally exempt under the United States-Mexico-Canada Agreement (USMCA), which Mr Trump negotiated in his first term. However the new tariffs will not take effect until August 19th—a delay that will increase the president’s leverage in stalled talks over USMCA’s renewal.
Behind these tactical skirmishes lies a grander project: resurrecting the broad tariffs that Mr Trump announced on “Liberation Day” last year. Both a universal 10% tariff on all imports and country-specific levies were imposed under the International Emergency Economic Powers Act of 1977—Mr Trump claimed that America’s trade deficit amounted to a national emergency. After the Supreme Court disagreed in February, the administration imposed a temporary 10% surcharge under Section 122 of the Trade Act of 1974; that will reach its 150-day limit on July 24th. America’s average effective tariff rate fell from 10% before the court’s ruling to 7% today, according to the Penn Wharton Budget Model.
The tariffs are now likely to be reincarnated in two stages. First, the Office of the United States Trade Representative (USTR) is expected imminently to impose Section 301 forced-labour duties on 60 countries accused of failing to keep out goods made with forced labour. Helpfully, this new interest in labour standards will let Mr Trump preserve 10% tariffs when the Section 122 surcharge lapses. Together, these changes will keep the effective tariff rate around 7%, where it stands today.
But they could soon rise further. Later this year, the USTR is expected to impose further country-specific duties under Section 301 investigations into “structural excess capacity” among 16 of America’s largest trading partners. The administration accuses these countries of “producing more goods than they can consume or productively invest domestically”, a definition that Ed Gresser of the Progressive Policy Institute, a think-tank, calls “eccentric”. …

Trump imposes 50% tariffs on Canadian goods, citing disputes over autos, alcohol and cheese

2-3 June
Trump to hit more than 60 countries including Canada with new tariffs over ‘forced labour’
Proposed tariffs the latest step in replacing duties struck down by U.S. Supreme Court
(CBC) The Trump administration plans to impose new tariffs on dozens of trading partners, including Canada, over allegations the countries are allowing goods produced by forced labour into their supply chains.
It’s the White House’s latest step to replace the broad-based tariffs that were struck down by the U.S. Supreme Court in February.
The proposed new tariffs were announced by U.S. Trade Representative Jamieson Greer late Tuesday night, not long after he wrapped up an afternoon meeting with Canada-U.S. Trade Minister Dominic LeBlanc in Washington.
The U.S. is proposing a new 10 to 12.5 per cent tariff on dozens of countries, including Canada, over allegations of failing to enforce a ban on forced labour. Prime Minister Mark Carney said the motivation behind the tariff ‘is something that we share,’ and it ‘will not have an impact’ on the ‘vast majority’ of Canadian trade because of a CUSMA carveout.
Under U.S. law, the president has the power to impose tariffs on countries if an investigation deems their trade practices to be unfair and harmful to U.S. commerce.
The office of the U.S. trade representative launched investigations in March into whether 59 countries plus the European Union are effectively banning the importation of goods produced with forced labour.
Tuesday night’s news release declared that all 60 failed to meet the bar, prompting skeptics to question the fairness of the U.S. investigation into forced labour.

25 February
What the Supreme Court’s tariff ruling really changed
By Ian Bremmer
… The US goods trade deficit was the same in 2025 as in 2024, despite a year of the most aggressive tariff regime in modern American history. Manufacturing jobs have declined month after month since Liberation Day as higher intermediate goods prices and policy uncertainty squeezed margins and deterred investment. Every serious study shows that the bulk of the tariff burden has so far fallen on American businesses and consumers rather than on foreign exporters. The one thing the tariffs did do was raise government revenue (they are taxes after all), though at roughly 1% of GDP, it was nowhere near enough to make a meaningful dent in the federal deficit or even to offset the fiscal cost of Trump’s tax cuts.
…the point of IEEPA was never really the tariff wall. It was the unilateral power it conferred on the president.
Under IEEPA, Trump could wake up and impose 50% tariffs…with no congressional authorization, no formal investigation, and no bureaucratic process to support a national-interest rationale. He could threaten European allies with levies if they interfered with his Greenland ambitions. He could threaten them against companies whose executives spoke out against him and grant exemptions to businesses that helped build his ballroom. He could function as a kind of economic central planner – moving rates overnight to punish enemies, reward allies, squeeze negotiating partners, and reshape entire industries, all from a single emergency declaration he could invoke and extend without limit.
This is what made IEEPA different from any other tariff tool (or policy tool, for that matter) in American history. In Trump’s hands, it was an instrument of unchecked executive power – a way to entrench the “Rule of Don,” where favor and punishment flow from one man’s will rather than law or process.
The alternative tools can rebuild most of the tariff wall, but they can’t restore what Trump actually lost with IEEPA. Section 122 is time-limited – up to 150 days without congressional reauthorization – and imposes a uniform global rate that leaves no room for country-specific punishment or selective exemptions. Section 301 allows both, but it requires formal fact-finding inquiries that take months and give businesses and trading partners grounds to challenge legal justifications in court. Neither lets Trump move tariff rates overnight or use tariffs as selective leverage in unrelated foreign policy or personal disputes.

20-22 February
EU says it will accept no increase in US tariffs after Supreme Court ruling: ‘a deal is a deal’

Updates: President’s Trade Officer Says No Change on Tariff Policy After Court Loss
Jamieson Greer, the U.S. trade representative, said Sunday that the Trump administration had found ways to “reconstruct” its punishing tariffs in the wake of a Supreme Court decision that struck down President Trump’s earlier duties. He told ABC’s “This Week” that the global 15 percent tariffs announced by Mr. Trump on Saturday were a “very durable” tool legally.
Trump’s aides project confidence on tariffs after the loss at Supreme Court.
The Trump administration signaled on Sunday that it was on track to resurrect many of its punishing tariffs that were struck down by the Supreme Court, insisting that the new approach would fulfill President Trump’s trade ambitions in a more legally durable way.
Through a new 15 percent global tariff that Mr. Trump announced on Saturday, and a set of coming trade investigations that may result in stiff tariffs on countries in Asia, the administration looked to project confidence that the legal setback would not deter its characteristic brinkmanship on trade.
Trump raises tariffs to 15% on imports from all countries
President announced increase from 10% using different authority from mechanism that supreme court struck down on Friday
(The Guardian) In a post on Truth Social on Saturday announcing the further increase, Trump wrote: “I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level.”
The law according to section 122 of the Trade Act of 1974 – which has never been used – allows the president to impose a levy of up to 15% for 150 days, although it could face legal challenges. After that, the administration has to seek congressional approval.
Trump says he signed 10% global tariff
By JOSHUA BOAK
(AP) The president said on social media Friday night that he signed an executive order enabling him to bypass Congress and impose a 10% tax on imports from around the world.
“It is my Great Honor to have just signed, from the Oval Office, a Global 10% Tariff on all Countries, which will be effective almost immediately,” Trump said on Truth Social.
Supreme Court Axes Tariffs; Trump Responds With New Rate
(Bloomberg) President Donald Trump rushed to salvage his signature tariffs after the Supreme Court struck down his global duties, pledging he would use different tools to work around the ruling and preserve import taxes he has cast as essential to his economic and foreign policy.
The president said Friday he planned to impose a flat 10% levy on foreign goods in the coming days, and that he would order a raft of trade investigations that should allow him to enact more permanent tariffs.
In a defiant and angry White House press conference hours after the decision, Trump vowed to forge ahead with his approach despite complaints from opponents who say it has undercut longtime trade partnerships and increased costs for Americans. The president has credited his tariff regime for driving substantial investments in the US and preventing foreign conflicts.
Still, Trump’s evident frustration underscored the immense logistical and legal challenges he now faces. It also offered a tacit acknowledgment that his hand had been weakened, even as he vowed to continue pursuing trade deals and implementing existing pacts.
Justices Strike Down Trump’s Tariffs
President Trump was the first to invoke the International Emergency Economic Powers Act of 1977 to set tariffs on imported goods from more than 100 countries.
(NYT) The Supreme Court dealt a major blow to President Trump’s economic policy on Friday, ruling that he had exceeded his authority when he imposed tariffs on nearly every U.S. trading partner. But in a defiant and conspiratorial news conference at the White House, Mr. Trump vowed to impose the fees in new ways and excoriated some justices as controlled by unspecified “foreign interests.”
The 6-3 decision has significant implications for the economy and consumers. The federal government has collected more than $200 billion in tariffs since the start of last year. Before the decision, the administration had said that a loss in the case could force the government to unwind trade deals with other countries and potentially refund tens of billions of dollars.

11 February
In rebuke, House opens door to challenging Trump’s tariffs
Three Republicans joined Democrats in rejecting an attempt to block votes that would end the national emergency underpinning the president’s tariffs.
The House has rejected an attempt to block votes that would end the national emergency underpinning President Donald Trump’s tariffs, opening the controversial policy up for challenges for the first time in nearly a year.
The Republican-controlled chamber had preemptively muzzled opposition to the administration’s trade policy since last March. The latest prohibition expired at the end of January, and House Speaker Mike Johnson (R-Louisiana) attempted to renew it through July as part of a procedural vote Tuesday night.
But three House Republicans — Reps. Thomas Massie (Kentucky), Don Bacon (Nebraska) and Kevin Kiley (California) — voted with all of the chamber’s Democrats to block the move.

6 February
Did ‘America First’ tariffs work?
Kari Heerman and David Wessel
(Brookings) In the first year of his second term, President Trump has pursued a mix of tariff cuts, raises, and exemptions, marking a shift from the post World War II rules based trade approach. On the latest episode of The Current, David Wessel talks with Kari Heerman about the administration’s use of trade actions to advance foreign policy objectives that are beyond traditional economic or national security concerns.
While skepticism over globalization existed before President Trump, the 2025 “America First” trade policies mark a sharp departure by rejecting rules-based trade and using tariffs aggressively — often as a coercive foreign policy tactic rather than purely for economic or national security purposes.
The absence of an immediate economic downturn does not mean tariffs are costless; rather, it reflects the ability of the American economy and American businesses to adapt and absorb disruption for a time.
Over time, higher and more uncertain tariffs constrain firms’ choices, reduce exposure to competition, and narrow access to global value — effects that often matter more for long-term competitiveness than for short-term economic indicators.
Tariffs may not trigger an immediate crisis, but a trade policy built on executive discretion and constant disruption is difficult to sustain — and risks weakening the institutions, alliances, and market signals that support long-run growth.
Thank God for free trade, as the U.S. shoots itself in the foot
By John Rapley, contributing columnist, author and academic whose books include Why Empires Fall and Twilight of the Money Gods.
by year-end U.S. inbound traffic had dropped 6.4 per cent over the previous year. But in the rest of the world, trade remains resilient.
(Globe & Mail) The numbers are in and the message is clear: free trade is dead and it’s never looked healthier.
It’s dead in that the United States, which led the creation of a Western-dominated trade regime after the Second World War and then spread it globally after the fall of Soviet communism, has decisively turned its back on trade in a quest to bring manufacturing jobs back home. After decades of rapid expansion, which lifted global economic growth rates and living standards and raised billions of people out of poverty, world trade growth has begun slowing.
It appears that Mr. Trump’s determination to remake the global trading order to the U.S.’s advantage is bearing fruit. Rather than fight his trade war, the U.S.’s trading partners, especially its closest allies, mostly responded to his tariffs by backing down and signing trade deals in which Washington got most of what it demanded. Cue a stream of triumphal tweets from the White House.
… However, while most other countries played nice with Mr. Trump, they also began talking among themselves to diversify their markets. The result of this reorientation was becoming apparent by the middle of last year. As container traffic into and out of U.S. ports declined, elsewhere it surged, with exports from the Far East setting new records. Meanwhile imports into Africa, Europe and the Middle East have risen especially sharply.
John McCown, a trade specialist at the Center for Maritime Strategy who monitors global container traffic, reported that by year-end U.S. inbound traffic had dropped 6.4 per cent over the previous year. But in the rest of the world, trade remains resilient.

2025

8 December
‘Only so long’ before Trump’s tariff costs hit consumers, businesses warn
Corporate executives are telling investors that prices will rise as soon as January as pre-tariff inventory runs thin and holiday discounts disappear.
(Politico) A post-holiday economic hangover would be a blow to an administration and Republican Party that are already struggling to convince Americans they are effectively addressing cost-of-living concerns. Democrats have been successfully pounding the issue in off-year elections and have made affordability a key talking point heading into next year’s midterm elections — prompting growing frustration and alarm among vulnerable Republicans.
Since reentering the White House in late January, Trump has levied tariffs on nearly all goods the U.S. imports, raising the average tariff rate to about 16.8 percent, the highest since the 1930s. He’s also imposed sector-specific tariffs on key manufacturing materials like steel and aluminum, copper and lumber, hitting everything from home-building supplies to upholstered furniture to aluminum cans at the grocery store.
State of U.S. Tariffs: November 17, 2025
… The Budget Lab (TBL) estimates the effects of all US tariffs and foreign retaliation implemented in 2025 through November 17, including the effects of recent exemptions for certain agricultural products. This report looks at two scenarios: one where these tariff policies remain in effect in perpetuity, and another where the IEEPA tariffs are invalidated and refunded after the Supreme Court decision and are not replaced under other authorities.
Current Tariff Rate: Consumers face an overall average effective tariff rate of 16.8%, the highest since 1935. After consumption shifts, the average tariff rate will be 14.4%. (If IEEPA tariffs are invalidated, the pre-substitution rate would be 9.3%.) …
Trump Insists Tariffs Will Buoy the Economy. For Now, He’s on Damage Control.
The president rolled out a $12 billion bailout for farmers as he makes the case that his policy is working — or will soon.
(NYT) On President Trump’s proclaimed “Liberation Day” in April, when he announced the tariffs that have upended global trade, he vowed that “jobs and factories will come roaring back into our country.” The imposition of taxes on imports, the president promised, “will pry open foreign markets and break down foreign trade barriers,” leading to lower prices for Americans.
So far it has not worked out that way, forcing Mr. Trump to move to contain the economic and political damage.
Trump Promises Farmers $12 Billion to Blunt Fallout From His Trade War
The federal aid comes after China boycotted American farm products in retaliation for U.S. tariffs.
President Trump rolled out a $12 billion bailout for struggling farmers on Monday as he looks to shore up the finances of some of his most loyal supporters whose financial fortunes have been hurt by his trade war.
The rescue package, which was unveiled at an event with farmers at the White House, comes as Mr. Trump’s trade policies have hurt America’s agriculture sector. While Mr. Trump’s plan to raise tariffs was intended to spur domestic production and open export markets it has actually closed off sales for many U.S. farmers. China — the biggest buyer of American crops such as soybeans — retaliated against Mr. Trump’s tariffs by halting purchases of U.S. farm products this year.

18 November
Trump opens door to easing some steel and aluminum tariffs
(Globe & Mail) The United States has quietly opened the door to lowering tariffs on some Canadian steel and aluminum exports – a move that stops short of the kind of relief Ottawa is pursuing, but which signals a shift in how the Trump administration is approaching trade policy.
In an executive order published last month, President Donald Trump gave the U.S. Department of Commerce discretion to lower tariffs on imports of steel and aluminum from Canada and Mexico by up to half if certain conditions are met.
To get the exemption – which has the potential to lower the tariff rate to 25 per cent from 50 per cent – a steel or aluminum company must be expanding its production footprint in the United States, and the metal must be destined for use in U.S. auto manufacturing.

13-14 November
Trump drops tariffs on beef, coffee, tropical fruit as pressure builds on consumer prices
(AP) — President Donald Trump signed an executive order Friday to get rid of tariffs on a broad swath of commodities, including beef, coffee and tropical fruits. It’s part of a response to pressure from consumers who complain prices are too high.
The move comes after voters in off-year elections earlier this month cited economic concerns as their top issue, resulting in big wins for Democrats in races in Virginia and New Jersey.
Record-high beef prices have been a particular concern, and Trump has said he intended to take action to try to lower them. Trump’s tariffs on Brazil, a major beef exporter, have been a factor.
The executive order also removes tariffs on tea, fruit juice, cocoa, spices, bananas, oranges, tomatoes and certain fertilizers. Some of the products covered aren’t produced in the United States.
Trump Administration Prepares Tariff Exemptions in Bid to Lower Food Prices
By Ana Swanson, Maggie Haberman and Tyler Pager
(NYT) If the proposal goes into effect, it would be the latest rollback of one of President Trump’s key economic policies over concerns about affordability.
The plan likely to take effect goes beyond the exemptions that Mr. Trump proposed in September in an executive order, which would have been confined to products that are not primarily made or grown in the United States, and which are purchased from countries with which the Trump administration has struck trade deals.
That order directed Howard Lutnick, the commerce secretary, and the U.S. trade representative, Jamieson Greer, to decide on exemptions for more than a thousand product categories, including metals and minerals, antibiotics, plane parts, and foreign agricultural products including coffee, pineapples, avocados and vanilla beans.

12 November
Top diplomats from G7 countries meet in Canada as trade tensions rise with Trump
(AP) — Top diplomats from the Group of Seven industrialized democracies are converging on southern Ontario as tensions rise between the U.S. and traditional allies like Canada over defense spending, trade and uncertainty over President Donald Trump’s ceasefire plan in Gaza and efforts to end the Russia-Ukraine war.
Canadian Foreign Minister Anita Anand said in an interview with The Associated Press that “the relationship has to continue across a range of issues” despite trade pressures as she prepared to host U.S. Secretary of State Marco Rubio and their counterparts from Britain, France, Germany, Italy and Japan on Tuesday and Wednesday.
“We’re tackling a range of critical issues with one main focus: putting the safety and security of Americans FIRST,” Rubio said in a social media post.
Anand also invited the foreign ministers of Australia, Brazil, India, Saudi Arabia, Mexico, South Korea, South Africa and Ukraine.

5 November
Key Justices Cast a Skeptical Eye on Trump’s Tariffs
The Supreme Court is considering whether the president acted legally when he used a 1977 emergency statute to impose tariffs on scores of countries.
(NYT) A majority of Supreme Court justices on Wednesday asked skeptical questions about President Trump’s use of emergency powers to impose tariffs on imports from nearly every U.S. trading partner, casting doubt on a centerpiece of the administration’s second-term agenda.
The outcome of the case, which could be decided within weeks or months, has immense economic and political implications for U.S. businesses, consumers and the president’s trade policy.
Several members of the court’s conservative majority, including Justice Amy Coney Barrett and Justice Neil M. Gorsuch, joined the liberal justices in sharply questioning the Trump administration’s assertion that it has the power to unilaterally impose tariffs without congressional approval.
Justice Barrett, who is seen as a key vote, questioned the scope of Mr. Trump’s reciprocal tariffs, which she described as “across the board.”
A Trump Supreme Court tariff defeat would add to trade uncertainty
Trump tariffs met tough scrutiny in US Supreme Court oral arguments
Analysts say chances rising of IEEPA tariffs being struck down
Trump officials to tap other trade laws to keep tariffs if court voids them
Any potential US tariff refund process seen lengthy and “a mess”

The Trump Administration Continues To Demonstrate Its Failure To Appreciate the Plight of American Farmers
China’s boycott of American soybeans may be resolved, but the episode exposed deeper, longer-term challenges that cannot be solved with a one-time bailout or a purchase commitment by foreign buyers that can be turned off at any time.
(Center for American Progress) President Donald Trump is touting his recent “deal” with China as a coup for American farmers. In reality, China is only promising to resume soybean purchases at levels slightly below those of recent years. What was more revealing was the administration’s idea to bail out farmers suffering from China’s boycott of U.S. soybeans, transferring money paid by American importers in the form of tariffs to support a sector devastated by its own policies. This would not have provided a lasting solution to rising input costs, industry consolidation, or many other challenges that have made farming so difficult and undermined key parts of the rural economy—challenges that predate President Trump’s return to the White House but have been made far worse by his administration’s disastrous foreign and economic policies.

30 October
US Senate votes to reject Trump’s global tariffs on more than 100 countries
Vote passes 51-47 in latest bipartisan effort to challenge tariffs, but House is unlikely to take any similar action
The vote comes as Trump is wrapping up a week in Asia, where he struck a deal with China to lower tariffs on Chinese goods into the country and get China to buy up US soya beans, a pain point of the trade wars that had farmers on edge, among other concessions.
U.S. Senate passes non-binding vote against Trump’s tariffs on Canada
(AP via Global) The U.S. Senate passed legislation Wednesday that would nullify U.S. tariffs on Canada, just as U.S. President Donald Trump is engaged in trade talks in Asia as well as an increasingly bitter trade spat with U.S.’s northern neighbor that is one of its largest economic partners.
The 50-46 tally was one of a series of votes this week to terminate the national emergencies that Trump has used to impose tariffs.
On Thursday, four Republicans joined Democrats in a 51-47 vote to pass a resolution against Trump’s global “reciprocal” tariffs. That came after a 52-48 vote striking down steep tariffs on Brazil on Tuesday.
While the resolutions won’t ultimately take effect, they have proven to be an effective way for Democrats to expose cracks between the president’s trade policy and Republican senators who have traditionally supported free trade arguments.

29 October
South Korea showers Trump with gifts as it works on a softer trade deal
South Korea dials up the flattery as both sides say progress has been made, but no deal has yet been signed
The United States and South Korea have advanced trade talks, addressing details of $350bn that would be invested in the US economy, after negotiations and ceremonies that included the presentation of a gold medal and crown to US President Donald Trump.
Both were gifts from the country’s president, Lee Jae Myung, who dialled up the flattery while Washington and Seoul worked to nail down financial promises during the last stop of Trump’s recent Asia trip.

28 October
Trump’s tariffs to face legal test before U.S. Supreme Court next week
Victor Owen Schwartz started a business importing wine and spirits to the United States with his mother nearly 40 years ago. His company VOS Selections, which he runs with his daughter, sells beverages from five different continents alongside American products.
Now he’s the lead plaintiff in a court case that could throw a legal roadblock in front of U.S. President Donald Trump’s efforts to realign global trade through tariffs.
“I was shocked that those with much more power and money did not step up,” Schwartz said Tuesday.
“So when I was afforded the opportunity to speak for small American business, I took it. I had to. It was a moral imperative.”
The U.S. Supreme Court is set to hear arguments next week from businesses and states that say Trump’s use of a national security statute — the International Emergency Economic Powers Act of 1977 — to hit nearly every nation with tariffs is illegal

With Some G.O.P. Backing, Senate Votes to End Trump’s Brazil Tariffs
A handful of Republicans crossed party lines to side with Democrats in the first of several votes this week aimed at challenging the president’s trade war.
The Senate on Tuesday voted to terminate the 50 percent tariffs that President Trump has imposed on Brazil, with a handful of Republicans crossing party lines to help push through a measure rejecting the emergency declaration used to justify them.
While the resolution faces long odds in the House, where Republicans have taken extraordinary steps to make it more difficult to bring up such measures, the vote signaled bipartisan frustration with the president’s tariffs on most goods from Brazil, a country with which the United States has a multibillion-dollar trade surplus.
The resolution is one of three that Democrats have planned to bring up for a vote this week to challenge Mr. Trump’s moves to circumvent Congress and wage a trade war that many lawmakers are concerned will harm their constituents. Votes are expected in the next few days on tariffs the president imposed on Canada and a global tariff rate on more than 100 trading partners.

26 October
Bessent Says New Framework Deal Will Restart American Soybean Exports to China, Ease Trade Tensions
America’s treasury secretary says farmers should be pleased when the deal is announced later this week.

10 October
Trump ratchets up US-China trade war, promising new tariffs
US to impose 100% tariffs on November 1
Software export controls also to take effect
Trump: ‘No reason’ to meet Xi in three weeks
Rift between two largest economies leaves markets reeling
US stocks drop by most since April after Trump’s threat
(Reuters) – U.S. President Donald Trump revived the trade war against Beijing on Friday, ending an uneasy truce between the two largest economies with promises to sharply hike tariffs in a reprisal against China curbing its critical mineral exports.
The president unveiled additional levies of 100% on China’s U.S.-bound exports, along with new export controls on “any and all critical software” by November 1, nine days before existing tariff relief is set to expire.