Former Assistant Secretary for Worldwide Markets on the U.S. Treasury Mitchell Silk joins ‘Varney & Co.’ to debate China’s faltering economic system, the high-stakes commerce talks and the way U.S. leverage may shift the steadiness of energy.
President Donald Trump took to Fact Social Friday to announce the U.S. will impose a further 100% tariff on imports from China starting in November.
The announcement was made hours after a separate submit from Trump, by which he warned of attainable new tariffs and prompt canceling a gathering with Chinese language President Xi Jinping, claiming Beijing was planning sweeping export controls on uncommon earth minerals.
“Beginning November 1st, 2025 (or sooner, relying on any additional actions or adjustments taken by China), the USA of America will impose a Tariff of 100% on China, over and above any Tariff that they’re at present paying,” Trump posted to Fact Social Friday afternoon.
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President Donald Trump pumps his fist earlier than boarding Marine One on the White Home Sept. 7, 2025, in Washington, D.C. (Roberto Schmidt/Getty Photos / Getty Photos)
“Additionally on November 1st, we’ll impose Export Controls on any and all crucial software program.”
Within the Fact Social submit, Trump argued that China has taken an “extraordinarily aggressive” stance on world commerce.
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“It has simply been discovered that China has taken an awfully aggressive place on Commerce in sending an especially hostile letter to the World, stating that they have been going to, efficient November 1st, 2025, impose massive scale Export Controls on nearly each product they make, and a few not even made by them,” Trump stated.
“This impacts ALL International locations, with out exception, and was clearly a plan devised by them years in the past. It’s completely unprecedented in Worldwide Commerce, and an ethical shame in coping with different Nations.”
Chinese language President Xi Jinping takes half in a welcoming ceremony upon his arrival at an airport in Moscow, Russia, Might 7, 2025. (Alexander Vilf/Host company Ria Novosti /Handout by way of Reuters / Reuters Images)
The announcement got here simply hours after Trump warned of the opportunity of recent tariffs, claiming China had been telling different nations it desires to impose export controls on uncommon earth minerals, that are crucial elements for superior applied sciences starting from semiconductors to smartphones.
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“Some very unusual issues are taking place in China!” Trump posted earlier Friday. “They’re turning into very hostile, and sending letters to International locations all through the World, that they wish to impose Export Controls on each component of manufacturing having to do with Uncommon Earths, and nearly anything they will consider, even when it’s not manufactured in China.”
Folks wave the flag of China to have fun China Nationwide Day Oct. 1, 2022, in Hong Kong, China. (Keith Tsuji/Getty Photos / Reuters Images)
The escalation jolted world markets on Friday, sending the S&P 500 down greater than 2%, its steepest one-day drop since April, Reuters reported.
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On Thursday, China expanded its export controls on uncommon earth components. The nation provides over 90% of the world’s processed uncommon earths and uncommon earth magnets, in response to Reuters.
FOX Enterprise’ Eric Revell contributed to this report.
