Trump threatens new 100% tariff on Chinese imports from November 1 or sooner

Donald Trump shakes hands with Xi Jinping (AP)

US President Donald Trump has said he is placing an additional 100% tax on Chinese imports starting on November 1 or sooner, potentially escalating tariff rates close to levels that in April fanned fears of a steep recession and financial market chaos.

The president said on his social media site that he is imposing these new tariffs because of export controls placed on rare earths by China.