Washington, Oct 11 (V7N) – US President Donald Trump has announced an additional 100 percent tariff on Chinese goods, effective from next month. He also declared plans to impose export controls on key software, intensifying trade tensions between the two largest economies.

Trump made the announcement on his social media platform Truth on Friday (October 10), according to a BBC News report.

Earlier, in a separate post, Trump accused China of becoming “very hostile” by restricting rare earth exports, claiming that Beijing was trying to “hold the world hostage.”

The US President further warned that he might withdraw from his planned meeting with Chinese President Xi Jinping, though he later clarified that the meeting had not yet been canceled. “I don’t know if it will happen,” he remarked.

Following Trump’s statements, the US stock market suffered a sharp decline, with the major index dropping 2.7 percent — the steepest fall since April.

Currently, the United States imposes a 30 percent tariff on Chinese goods. If the new tariffs take effect on November 1, the total rate will rise to 130 percent.

END/SMA/AJ