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Fortune
Fortune
Jason Ma

Trump to hike China tariffs to 130% and impose software export controls next month, as trade war reignites to nearly 'Liberation Day' levels

China Trade Donald Trump Liberation Day United States
(Credit: Anna Moneymaker—Getty Images)

President Donald Trump said Friday that he will impose an additional 100% tariff on China and limit U.S. exports of software, escalating the trade war after months of it appearing to ease toward a resolution.

The latest salvo came after China restricted its exports of rare earths, which are critical minerals used across industries, from the tech sector to automakers and defense contractors.

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