This is a repost of Trump’s Friday announcement. It’s supposed to go into effect on November 1, if it does. It seemed like he might chicken out.

If it does go into effect, the base tariff rate on China will be around 140%. There’s a 10% mutually negotiated tariff with China, as part of the trade talks. Trump put an additional 30% tariff on China, Canada, and Mexico because of his conspiracy theory that China is intentionally poisoning Americans with fentanyl. 10 + 30 + 100 = 140

Trump is mad because China is requiring companies to apply for a license to buy rare earth products from China and China explicitly said that the purpose of the license was to reduce the production of military/weapons.