US President Donald Trump reacted harshly after receiving a letter from Chinese President Xi Jinping, announcing that he would impose large-scale trade restrictions against Beijing.
Trump stated that starting November 1, China would impose export restrictions on almost all products, calling it an “unprecedented act of hostility in trade.”
According to the decision announced by the US leader as a retaliatory measure, a 100% customs duty will be imposed on goods imported from China.
Following this announcement, over $3 billion in value was wiped out from the global cryptocurrency market in a short period.
Trump stated that China had established secret monopolies on magnets and other strategic products in recent months, calling it an “openly hostile step” taken during a period of friendly relations.
He also noted that he did not consider it a coincidence that this decision coincided with the peace agreement signed in the Middle East on October 10, 2025.
Other countries also protest Beijing's move. Trump, however, warned that if China does not back down, high tariffs and anti-monopoly measures will be imposed.
The planned meeting between Trump and Xi Jinping at the APEC summit in South Korea in two weeks has also been called into question.