BREAKING: Trump Announces 100% China Tariff Effective November 1

President Trump announced Friday an additional 100% tariff on all Chinese imports "over and above" current rates, effective November 1 or sooner. The move responds to China's Thursday announcement of sweeping rare earth export controls affecting virtually all countries.

Current tariffs on Chinese goods stand at 40% effective rate. The new levy escalates total duties to 140%, creating immediate supply chain crisis for manufacturers dependent on Chinese components, rare earths, and electronics. Trump also threatened export controls on "critical software."

Markets plunged on the news. Dow dropped 879 points, S&P fell 2.71%, Nasdaq down 3.56%. Trump canceled his planned meeting with Xi Jinping at next week's APEC summit in South Korea.

Supply chain implications are catastrophic. Companies have three weeks to secure alternative sourcing for Chinese materials or absorb massive cost increases. Rare earth-dependent industries including automotive, defense, and technology face immediate shortages. China controls 70% of global rare earth supply with no viable short-term alternatives.

Manufacturers must act immediately. The November 1 deadline provides minimal time for supply chain reallocation. Expect inventory hoarding, supplier switching chaos, and production disruptions across sectors. This is the most severe U.S.-China trade escalation since the 145% tariff peak earlier this year.

In a world of black swans and cascading disruptions, this is what resilience in action looks like.