Containers pile up at Qingdao Port Qianwan Container Terminal in Shandong Province, China, on September 25, 2025. Costfoto/NurPhoto/Getty Images

Over the past few months, inflation has stayed relatively tame and economic sentiment among US businesses and consumers has improved, compared to earlier this year. A big reason for both: Tariffs on Chinese goods shipped to the United States fell dramatically in May and haven’t budged since.

That might not be the case for much longer. On Friday, President Donald Trump said his administration is calculating a “massive” tariff increase on Chinese exports to the United States.

His threat is tied to Beijing ramping up export controls on its critical rare earths, which are needed to produce many electronics. As a result, Trump appeared to call

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