US President Donald Trump has announced sweeping new trade measures against China, including a 100% tariff on Chinese imports and potential export controls on “any and all critical software,” to take effect on November 1. Bloomberg earlier reported the planned measures, citing people familiar with the matter.

The announcement represents one of the most significant escalations in the trade confrontation between Washington and Beijing this year. In a social media post, Trump accused China of adopting “an extraordinarily aggressive position on trade,” claiming that Beijing had circulated a letter to global partners outlining plans to impose broad export restrictions on most Chinese-made goods.

Trump said the decision was a direct response to China’s “hostile” export controls on rare-earth minerals, key materials used in electronics, renewable energy technologies and defence manufacturing. He also suggested that a planned meeting with Chinese President Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) summit in South Korea later this month might be cancelled, although the timing of the tariffs still allows for talks before their enforcement.

The latest tariffs would lift duties on Chinese imports to 130%, near the 145% level introduced earlier this year before both sides temporarily paused the trade conflict in pursuit of negotiations.

Financial markets reacted sharply to the developments. The S&P 500 fell 2.7% on Friday, its steepest daily loss since April, while the Nasdaq 100 dropped 3.5%. Chicago soybean futures declined 1.9% as traders priced in renewed disruptions to global supply chains.

Beijing has already moved to strengthen its own defences, introducing new port fees on US ships and launching an antitrust probe into Qualcomm Inc. It also plans to implement additional export restrictions on rare-earth minerals from November 8.