News Summary

• President Donald Trump announced Friday that he will impose a 100% tariff on all imports from China.
• China is the world’s largest producer of rare earth minerals, which are used in products critical to the tech industry, including semiconductors and solar panels.
• Stocks tumbled following the announcement, with the Dow Jones Industrial Average down 1.9% at market close on Friday, the S&P 500 down 2.71%, and Nasdaq down 3.56%.
• Some tech companies were hit particularly hard, with Nvidia and Tesla both down around 5%.
• The news also affected the crypto markets, leading to liquidations that were reportedly 10x the dollar value of liquidations during the FTX collapse.