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President Trump retaliated against China’s export controls on rare earths after suggesting he also would cancel a meeting with Chinese President Xi Jinping.

Nvidia dropped almost 5%, pacing a steep decline in tech stocks, after President Trump threatened more tariffs on China.

Defense tech startup Govini said it has surpassed $100 million in annual recurring revenue and secured a $150 million investment from Bain Capital.

Trump is out with an announcement on tariffs:

It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.

Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software.

It is impossible to believe that China would have taken such an action, but they have, and the rest is History. Thank you for your attention to this matter!

DONALD J. TRUMPPRESIDENT OF THE UNITED STATES OF AMERICA

There is some additional yen buying on the announcement, which is minutes before the FX market closes.

The only notably caveat here is the November 1 date, which to me sounds like it leaves plenty of time to make a deal.

This article was written by Adam Button at investinglive.com.

Spirit Airlines will get a $475 million lifeline from its bondholders and another $150 million from an aircraft lessor.

• Trump: Will need to raise tariffs on China goods coming into the US
• The BLS will release the September CPI report on Friday, October 24 at 8:30 AM ET
• October UMich US consumer sentiment 55.0 vs 54.2 prelim
• Canada September employment +60.4K vs +5.0K expected
• Fed’s Musalem: Feds goals are in tension
• Baker Hughes Oil rigs -4 at 418
• OMB Director says the layoffs have begun
• Fed’s Waller: The interview for Fed chair was great
• The list for Fed Chair candidates has been narrowed down to 5

Markets:

• Gold up $38 to $4012
• US 10-year yields down 9.3 bps to 4.055%
• WTI crude oil down $2.70 to $58.81
• Bitcoin down $4224 to $116,950
• S&P 500 down 2.7%
• JPY leads, AUD lags

It was looking like a quiet end to the week early in the day. Canadian employment data was strong and that led to a nice rally in the loonie with USD/CAD falling to 1.3985 from 1.4015. Crude was also under pressure and flirting with $60 on worries about a supply glut.

The UMich data underscored improving US consumer sentiment though it was hardly a shocking jump in the month. it looks liked we might limp to the weekend but then Trump tossed gasoline on the embers with a long-winded message accusing China of rare earth export controls and threatening fresh tariffs.

That completely shattered the calm in markets and it was straight-away selling in equities, leading to the worst day since April 4 and the peak of Liberation Day. There is plenty of chatter that this will be another TACO trade but it might get worse before it gets better. Stock markets closed on the lows.

The yen unwound some of its weakness on the headlines and that was further helped by a coalition partner of Takaichi’s new government pulling the plug. That may mean that she never becomes PM at all, though we will be watching closely to see what happens next. The bulk of the move certainly came on Trump though and it led to a drop to 151.60 in USD/JPY from 152.60 before the headlines.

The US dollar was softer against the euro and pound after the news, reversing yesterday’s moves. However it was the Australian dollar that was hit hardest on global growth worries. AUD/USD fell to the lowest since August 26 in a 71 pip decline. Overall the FX moves weren’t too big given that tariffs are both USD-negative and risk-negative, cancelling each other out to some degree.

Treasury yields fell notably and that was helped along by a drop in WTI crude below $59 in a worsening selloff after Trump’s message. The market is now pricing in 109 bps in the year ahead, up from 100 bps at the start of the week.

This could be an interesting weekend with eyes on France, the US and Japan.

This article was written by Adam Button at investinglive.com.

Rocket Lab has secured several new launch contracts over the last few weeks.

It was a positive day for US equities until Trump blew it up at 10:30 am ET with a tweet threatening new tariffs on China because of rare earth controls. Details have been light since then but the market isn’t waiting for details.

The last few months have been a smashing success for bulls and at this point, asset managers might not want to risk ruining the year. That makes it a fairly easy decision to take profits and the Nasdaq fell more than 3%.

In an ominous sign, US stock markets closed on the lows.

Closing changes:

• Nasdaq -3.5%
• S&P 500 -2.7%
• DJIA -1.9%
• Russell 2000 -2.6%
• Toronto TSX Comp -1.2%

On the week:

• Nasdaq -2.4%
• S&P 500 -2.5%
• DJIA -2.7%
• Russell 2000 -2.9%
• Toronto TSX Comp -1.9%

Some big losers:

• TSLA -5.0%
• BIDU ADRs -8%
• QCOM -7.3%
• AMZN -4.95%
• META -3.9%
• OXY -5.1%
• FDX -5.0%
• AMD -7.8%
• NVDA -4.7%

This article was written by Adam Button at investinglive.com.

It was a positive day for US equities until Trump blew it up at 10:30 am ET with a tweet threatening new tariffs on China because of rare earth controls. Details have been light since then but the market isn’t waiting for details.

The last few months have been a smashing success for bulls and at this point, asset managers might not want to risk ruining the year. That makes it a fairly easy decision to take profits and the Nasdaq fell more than 3%.

In an ominous sign, US stock markets closed on the lows.

Closing changes:

• Nasdaq -3.5%
• S&P 500 -2.7%
• DJIA -1.9%
• Russell 2000 -2.6%
• Toronto TSX Comp -1.2%

On the week:

• Nasdaq -2.4%
• S&P 500 -2.5%
• DJIA -2.7%
• Russell 2000 -2.9%
• Toronto TSX Comp -1.9%

Some big losers:

• TSLA -5.0%
• BIDU ADRs -8%
• QCOM -7.3%
• AMZN -4.95%
• META -3.9%
• OXY -5.1%
• FDX -5.0%
• AMD -7.8%
• NVDA -4.7%

This article was written by Adam Button at investinglive.com.

It turns out you can put Humpty Dumpty together again.

Lecornue resigned at the start of the week but he’s been re-appointed and is tasked with former a new French government, according a report in Elysee.

Between this, Japan and Trump it’s going to be an interesting weekend in politics.

This article was written by Adam Button at investinglive.com.