President Donald Trump has threatened to levy a 100% tariff on Chinese imports, possibly as early as November 1. This announcement comes in response to China's recently imposed export controls on rare earth elements, crucial to various U.S. technologies.

China's restrictions require foreign companies to obtain special approval for exporting these materials. In response, Trump denounced the move as 'shocking' and expressed skepticism about his upcoming meeting with Chinese leader Xi Jinping.

With trade tensions escalating, Trump's decision has prompted concern about the potential impact on the global economy, echoing fears of a recession similar to those seen earlier this year. Analysts, however, believe there is still room for de-escalation before these tariffs take effect.