President Trump threatens to impose an additional 100% tariff on Chinese imports starting Nov. 1 following China’s export controls on rare earths.

The S&P 500 dropped 2.7% Friday on the news, its worst day since April when similar tariff threats sparked recession fears.

Trump also said he may skip his planned meeting with Xi Jinping, citing China’s “hostile” trade actions.

WASHINGTON — President Trump said Friday that he’s placing an additional 100% tax on Chinese imports starting on Nov. 1 or sooner, potentially escalating tariff rates close to levels that in April fanned fears of a steep recession and financial market chaos.

The president said on his social media site that he is imposing these new tariffs because of export controls placed on rare earth elements by China. The new ta

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