US stock markets faced extreme losses on October 10TH after President Donald Trump announced a ‘ 100 percent tariff on Chinese goods ‘, along with export controls on critical software.
This ultimately sparked an overall debacle among others on whether or not this would cause a trade war between the two countries, especially with how stocks tanked horrifically from the announcement.
It all began with Trump posting on his social media platform, Truth Social, that China was “ becoming very hostile “ with the rest of the world- especially when it came to their control of rare earth metals, as cited in CNBC’s article on the matter ( Melloy, Oct, 11, 25 ).
Trump mentioned how he would be imposing new restrictions on rare-earth minerals, alongside key materials used in semiconductors for everything involving artificial intelligence from home appliances.
“ There is no way that China should be allowed to hold the World ‘ captive ‘, but that seems to have been their plan for quite some time, “ Donald Trump spoke, cited in an ABC News article.
As written on the ABC News mentioned previously,, the announcement President Trump made on Truth Social ultimately caused a stock selloff- causing stocks from The Dow Jones Industrial Average and S&P 500 to fall nearly 0.10 to even 1.75% ( Bruce, Oct, 10, 25 ).
Tariffs on Chinese imports into the U.S are now currently standing at around 30%, down from the high point of 145% that it was originally at earlier in the year.
