Trump fires back at China's rare earth mineral restrictions by threatening 100% tariffs

Core Points - President Trump announced a 100% tariff on all imports from China, in addition to existing tariffs, which have a base rate of 40% [1][2] - The announcement is part of an escalating trade conflict, with China tightening export controls on rare earth minerals, essential for the tech industry [2] - The new tariffs are set to take effect on November 1, but Trump indicated they could be reconsidered [4] Market Impact - Following the announcement, stock markets experienced significant declines, with the Dow Jones down 1.9%, S&P 500 down 2.71%, and Nasdaq down 3.56% [5] - Tech companies were particularly affected, with Nvidia and Tesla both dropping around 5% [5] - The crypto markets also saw substantial liquidations, reportedly 10 times the dollar value of liquidations during the FTX collapse [7]