Donald Trump has announced a further 100 percent tariff on all Chinese goods in addition to duties already imposed in a brutal escalation in the president’s trade war.
Trump said that China had threatened to ‘impose large scale export controls on virtually every product they make’ and in response the US ‘will impose a tariff of 100 percent on China, over and above any tariff that they are currently paying.’
The president said export controls would also be imposed on any critical software starting on the same day, November 1.
‘It is impossible to believe that China would have taken such an action, but they have, and the rest is history,’ he added.
Trump earlier teased the tariff on Truth Social, sparking a frantic Wall Street sell-off and the largest one-day decline in the S&P500 since the so-called Liberation Day tariffs on April 10.
Stocks spiraled lower into the close, with the Dow closing down 1.9 percent; the S&P dropped 2.71 percent and the tech-heavy Nasdaq dropped 3.56 percent.
Donald Trump returns to the Oval Office from Marine One on the South Lawn of the White House in Washington, DC, on Friday