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President Trump threatened to place an additional 100% tax on Chinese imports starting on Nov. 1 or sooner, potentially escalating tariff rates close to levels that in April fanned fears of a recession.
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The S&P 500 closed down 2.7%, its steepest fall since April, after the US president hit out at China.
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The president made the threat after Beijing imposed new global restrictions on the use of rare earth minerals, which are vital supplies for U.S. makers of chips and batteries.
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