Apart from Brazil and India, markets enjoyed a brief lull after U.S. President Donald Trump’s “reciprocal” tariffs took effect on August 7. For several weeks, there were few new tariff headlines. That changed in late September, when the first domino fell: the U.S. imposed additional tariffs on timber, furniture and kitchen cabinets, much of which is sourced from China, and tightened controls on semiconductor tools. Beijing responded by extending export restrictions to five additional rare minerals, prompting a swift counter from Washington: a 100% tariff on all Chinese exports. Since mid-September 2025, U.S. and ... (full story)