Former Assistant Secretary for Worldwide Markets on the U.S. Treasury Mitchell Silk joins ‘Varney & Co.’ to debate China’s faltering financial 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 an extra 100% tariff on imports from China starting in November.
The announcement was made hours after a separate put up from Trump, through which he warned of potential new tariffs and recommended 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 US of America will impose a Tariff of 100% on China, over and above any Tariff that they’re at the moment 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 Pictures / Getty Pictures)
“Additionally on November 1st, we are going to impose Export Controls on any and all vital software program.”
Within the Fact Social put up, Trump argued that China has taken an “extraordinarily aggressive” stance on international commerce.
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“It has simply been realized that China has taken an awfully aggressive place on Commerce in sending an especially hostile letter to the World, stating that they had been going to, efficient November 1st, 2025, impose giant scale Export Controls on just about 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 unparalleled 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, Could 7, 2025. (Alexander Vilf/Host company Ria Novosti /Handout by way of Reuters / Reuters Photographs)
The announcement got here simply hours after Trump warned of the potential for contemporary tariffs, claiming China had been telling different international locations it needs to impose export controls on uncommon earth minerals, that are vital parts 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 need to impose Export Controls on each aspect of manufacturing having to do with Uncommon Earths, and just about anything they’ll 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 Pictures / Reuters Photographs)
The escalation jolted international 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 parts. The nation provides over 90% of the world’s processed uncommon earths and uncommon earth magnets, in line with Reuters.
FOX Enterprise’ Eric Revell contributed to this report.
