President Trump ratcheted up tariff and trade tensions with China on Friday. In a post on Truth Social, the president said the US would impose an additional 100% tariff on Chinese goods starting on Nov. 1, 2025.

The president said the move was prompted by China taking an “extraordinarily aggressive” position on trade by announcing new export controls that would take effect next month. Trump claimed the curbs affect more countries than just the US, calling them a “moral disgrace in dealing with other nations.”

The president added that the timeline of the 100% tariff could be moved up based on China’s response. He also said export controls targeting China’s access to “critical software” would go into effect on the same day in November.

Earlier Friday, Trump had threatened a “massive increase” in duties on Chinese goods and suggesting he would scrap a planned meeting later this month with Chinese leader Xi Jinping.

Trump accused China of becoming “very hostile,” pointing to curbs it took this week on exports of rare earth minerals. As part of the trade dispute, China also slapped new port fees on US ships and launched an antitrust investigation into US-based Qualcomm (QCOM). Beijing has also halted purchases of US soybeans, scrambling business plans for US farmers.

US stocks slid on Friday after Trump threatened the tariff increase.

Read more: What Trump’s tariffs mean for the economy and your wallet

US tariffs on China of nearly 145% in some cases are on hold until Nov. 10 while the two countries made progress on a larger trade deal. Chinese tariffs on US goods ballooned to 125% before the pause.

Here’s what else to know on Trump’s tariffs:

Early next month, the US Supreme Court is set to hear a challenge to Trump’s most sweeping tariffs — the “reciprocal” country-by-country duties that you can see in the graphic above. A ruling against the tariffs — which would be in line with lower-court decisions — could have significant ramifications for Trump’s tariff strategy and the revenue the US has collected so far from the duties.

New duties on kitchen cabinets and vanities took effect Oct. 1.

Tariffs on timber and certain wood products (like furniture) will take effect Oct. 14.

A US pause on tariffs on goods from Mexico is also set to end early next month.

LIVE 6 updates

Trump says US will impose additional 100% tariffs on goods from China

President Trump followed through on a threat to sharply increase tariffs on Chinese goods on Friday afternoon, stating that the US will impose a hefty 100% tariff on China starting Nov. 1, which will be added on top of other existing tariffs.

In a social media post, Trump cited a letter China sent to other nations regarding export controls, which he said marked “extraordinarily aggressive position on Trade.”

“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying,” Trump posted on Truth Social. “Also on November 1st, we will impose Export Controls on any and all critical software.”

Brett LoGiurato

Stocks have worst day since post-‘Liberation Day’ woes

Tariff jitters returned to Wall Street in a big way on Friday.

The Dow (^DJI) fell almost 900 points. The S&P 500 (^GSPC) lost 2.7%, and the Nasdaq Composite (^IXIC) sank over 3.5% in their worst days since April. The moves came after President Trump renewed his tariff threats against China, specifically warning of a “massive increase” in duties.

The moves downward Friday cemented significant weekly losses, and it wiped out stock gains in October so far. The major indexes haven’t had a down month since May.

You can catch up on the day’s action in our markets live blog.

Daniel Howley

Qualcomm stock sinks as China launches antitrust investigation

China’s State Administration for Market Regulation (SAMR) announced on Friday that it is launching an investigation into Qualcomm’s (QCOM) June acquisition of Autotalks, pulling the chip company into a growing number of firms ensnared in the ongoing economic tit-for-tat between the US and China.

In a statement, SAMR said Qualcomm’s acquisition is suspected of violating the country’s anti-monopoly laws, though it didn’t provide any further details on what element of the deal broke monopoly laws or how.

In a statement, a Qualcomm spokesperson said, “We are fully cooperating with SAMR in this matter. Qualcomm is committed to supporting the development and growth of our customers and partners.”

The announcement comes the same day President Trump wrote in a Truth Social post that the Chinese government is seeking to tighten its control over rare earth minerals. Trump went on to threaten a “massive increase” in tariffs on Chinese goods.

Read more here.

Stocks fall after Trump threatens ‘massive increase’ of tariffs on Chinese goods

Stocks fell on Friday after President Trump posted on Truth Social that he is considering imposing a “massive increase” in tariffs on Chinese goods and announced that he would not meet with Chinese leader Xi Jinping at the APEC summit in South Korea in two weeks.

“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump said after rebuking China for threatening rare earth export controls. “One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America.”

Trump’s post sent Chinese tech stocks Alibaba (BABA), Tencent (TCHEY), and Baidu (BIDU) tumbling, while shares of rare earths companies MP Materials (MP) and USA Rare Earth (USAR) soared.

Meanwhile, Treasurys turned lower, with the 10-year yield (^TNX) dropping 8 basis points to 4.06%.

Read more about the market’s reaction here.

China targets Qualcomm, US ships as Trump-Xi talks loom

Chinese authorities began an antitrust probe into US chipmaker Qualcomm (QCOM) and hit US shippers with new port fees.

They’re the latest in a tit-for-tat jostling for leverage by the US and China ahead of this month’s key meeting between Presidents Xi and Trump. A fragile trade truce between the two countries will expire in November too.

Bloomberg reports:

Read more here.

China launches customs crackdown on Nvidia AI chips

Nvidia is in China’s crosshairs again, as Beijing tightens border checks on the US company’s products at key ports.

Previously, customs authorities had done little to hinder US chip imports as long as duties were paid as required. The stepped-up measures come amid a Chinese push to get its tech companies to order chips locally instead.

The Financial Times reports:

Read more here.