Trump reignites trade war with China with 100% tariff threatening global economy chaos

Donald Trump has warned he will impose export controls on "virtually every product" coming out of China as he threatens to reignite a trade war with Beijing. The US president announced the move on his Truth Social platform on Friday (October 10).

Mr Trump lashed out after Beijing placed restrictions on exports of its rare earths, which are critical for the manufacturing of everything from consumer electronics to jet engines. The escalating tensions between the world's largest economies led to widespread falls on Wall Street, with roughly six out of every seven stocks within the S&P 500 dropping.

In his Truth Social salvo, Mr Trump accused China of taking an "extraordinarily aggressive position" on trade. He said Beijing had sent an "extremely hostile" letter to the world, which he said stated that from November 1 China would impose large scale export controls on virtually every product made by the country "and some not even made by them".

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