US President Donald Trump has said he would impose an additional 100% tariff on imports from China from next month.
In a post on social media, Trump noted that the US would also implement export controls on critical software.
Earlier this week, he criticized Beijing's recent decision to tighten its rules regarding rare earth exports, accusing China of becoming very hostile and attempting to hold the world captive.
He suggested he might withdraw from a scheduled meeting with Chinese President Xi Jinping, although he later clarified he hadn't canceled it.
Trump stated, I'm going to be there regardless, while addressing reporters from the White House.
The financial markets reacted negatively, with the S&P 500 experiencing a 2.7% drop, marking its most significant decline since April.
China is a leading producer of rare earth elements, essential for various technologies, including smartphones and electric vehicles. The tightening of export controls last occurred after Trump raised tariffs earlier this year.
Additionally, China has initiated a monopoly investigation into US tech firm Qualcomm and has announced new port fees aimed at ships with ties to the US.
Some very strange things are happening in China! Trump remarked on social media, reiterating his view of China's hostility.
The situation reflects a fragile US-China trade relationship, which has seen both sides previously agreeing to reduce tariffs in an effort to facilitate trade.
