US Secretary of the Treasury Scott Bessent arrives to the foreign ministry in Madrid ahead of trade talks with Chinese Vice Premier He Lifeng in Madrid on September 14, 2025. (Photo by Thomas COEX / AFP) Photo by THOMAS COEX/AFP via Getty Images
Commentary
The S&P 500 rose 1.7% last week, but it is still flat for the month of October, since President Trump rattled the stock market when he announced he would impose an additional 100% tariff on China as well as export controls on “any and all critical software,” beginning on November 1st. These tariffs would raise import taxes on many Chinese goods to 130% as of November 1st, which is only slightly below the 145% level imposed earlier this year. Clearly, President Trump wants to negotiate a better trade deal with China.
