President Donald Trump has escalated trade tensions by announcing a potential 155% tariff on Chinese goods, slated to take effect November 1st if a trade deal isn’t reached. Speaking from the White House during a meeting with Australian Prime Minister Anthony Albanese, Trump declared that China has been ‘paying tremendous amounts of money’ in tariffs and that the era of countries taking advantage of the U.S. is over. He revealed his intention to meet with Chinese President Xi Jinping in South Korea soon, expressing optimism for a ‘fair and really great trade deal’ beneficial to both nations and the global economy. This tariff threat follows an earlier statement on Truth Social outlining an additional 100% tariff and export controls on critical software, citing China’s ‘extraordinarily aggressive position on trade.’ Trump also indicated a potential visit to China early next year. The meeting with Albanese also saw the signing of a significant agreement on critical minerals and defense cooperation, valued at $8.5 billion, aimed at enhancing supply-chain security and military ties.
