President Donald Trump announced that starting in November, or sooner depending on China’s actions, the U.S. will impose a 100% tariff on Chinese imports, adding to existing tariffs the U.S. already enforces.

Trump cited China’s export controls on rare earth elements as the main catalyst, declaring on his social media platform, “The United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying.”

The big picture: This tariff increase risks rekindling a trade war between the world’s largest economies and threatens to disrupt global financial markets and economic growth. The S&P 500 fell 2.7% in response to rising concerns as tensions escalated. • The 100% tariff is much higher than the current 30% tariff on Chinese goods, potenti

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