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By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump on Friday said he was lifting tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. "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," Trump said on his Truth Social platform. "Also on November 1st, we will impose Export Controls on any and all critical software." The announcement followed an earlier post issued on Friday that signaled new levies against Chinese goods were in the offing while also threatening to cancel a meeting with President Xi Jinping, a broadside against Beijing on Friday that sent markets and relations between the world's largest economies into a spiral. Trump, due to meet Xi in about three weeks in South Korea, complained on social media about what he characterized as China's plans to hold the global economy hostage after China dramatically expanded its rare earth element export controls on Thursday. China dominates the market for such elements, which are essential to tech manufacturing. Trump said there was no reason to hold the meeting with Xi that he had previously announced. Beijing had never confirmed the meeting between the leaders. The remarks signaled the biggest rupture in relations in four months and immediately raised questions about whether an economic detente between Beijing and Washington – the world's biggest factory and its biggest consumer – can survive. (Reporting by Trevor Hunnicutt; additional reporting by David Brunnstrom, David Lawder and Maiya Keidan; Editing by Caitlin Webber and Deepa Babington)

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(Reuters) -Bank holding firm Central Bancompany on Friday filed for an initial public offering in the United States. U.S. IPO momentum has strengthened in recent months as investors return to riskier assets following a lull tied to trade tension-related market volatility. Central Bancompany will list on the Nasdaq under the ticker symbol "CBC". Morgan Stanley and Keefe, Bruyette & Woods are the lead underwriters for the offering. Jefferson City, Missouri-based Central Bancompany offers consumer, commercial and wealth management services across Missouri, Kansas, Oklahoma and Colorado through its unit, The Central Trust Bank. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber and Alan Barona)

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By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump on Friday said he was lifting tariffs on Chinese exports to the U.S. to 100% and imposing export controls on "any and all critical software" in a reprisal to recently announced export limits by China on rare earth minerals critical to tech and other manufacturing. "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," Trump said on his Truth Social platform. "Also on November 1st, we will impose Export Controls on any and all critical software." The announcement followed an earlier post issued on Friday that signaled new levies against Chinese goods were in the offing while also threatening to cancel a meeting with President Xi Jinping, a broadside against Beijing on Friday that sent markets and relations between the world's largest economies into a spiral. Trump, due to meet Xi in about three weeks in South Korea, complained on social media about what he characterized as China's plans to hold the global economy hostage after China dramatically expanded its rare earth element export controls on Thursday. China dominates the market for such elements, which are essential to tech manufacturing. Trump said there was no reason to hold the meeting with Xi that he had previously announced. Beijing had never confirmed the meeting between the leaders. The remarks signaled the biggest rupture in relations in four months and immediately raised questions about whether an economic detente between Beijing and Washington – the world's biggest factory and its biggest consumer – can survive. (Reporting by Trevor Hunnicutt; additional reporting by David Brunnstrom, David Lawder and Maiya Keidan; Editing by Caitlin Webber and Deepa Babington)

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(Reuters) -The United States of America will slap an additional 100% tariff on imports from China and impose export controls on all critical U.S.-made software from November 1, President Donald Trump said on Friday. In a post on Truth Social, Trump said: "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." (Reporting by Bhargav Acharya, Jasper Ward and Ismail Shakil; Editing by Chris Reese)

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By Ann Saphir (Reuters) -St. Louis Federal Reserve President Alberto Musalem on Friday said he sees possible room for one more interest rate cut to shore up the labor market, but urged caution because inflation remains "materially" above the U.S. central bank's 2% target. "I am open-minded about a potential further reduction in interest rates to provide further insurance against labor market weakening," Musalem said at the Springfield Area Chamber of Commerce in Missouri. But, he added, "I believe that we have to tread with caution because there's limited room for further easing before monetary policy could become overly accommodative, and I believe that monetary policy should continue to lean against persistence in inflation." Trading in interest-rate futures contracts reflects heavy bets that the Fed will follow its quarter-percentage-point rate cut last month with same-sized reductions at its October 28-29 and December 9-10 meetings. And while some Fed policymakers, including the influential New York Fed chief John Williams, have leaned into that expectation, Musalem's comments suggest he may not be sold on the idea. Kansas City Fed President Jeff Schmid, another of the Fed's 12 voting rate-setters this year, likewise has emphasized inflation concerns. Both had joined the 11-1 majority at the Fed approving the Fed's quarter-percentage-point rate cut last month. Musalem on Thursday said he expects U.S. economic growth to be healthy in the fourth quarter and to run at or a bit above its long-run potential next year, bolstered by robust consumer spending thanks in part to lower interest rates. But, he said, some groups like Hispanics are slowing their spending, and lower- and middle-income households are only maintaining their spending through borrowing. "Their real incomes, their wages adjusted for inflation, haven't been growing at a rate that allows them to consume comfortably without taking on additional credit," he said, attributing the insight to a recent conversation with community development practitioners. "That drove home for me that it's really important for us to achieve our 2% price stability or inflation goal to support consumption." He said he feels the Trump administration's tariffs are only responsible for about 10% of the current rate of inflation, and that he expects their effect to dissipate by the middle of 2026, allowing inflation to head back to the Fed's 2% target. Musalem expects the labor market "to continue to soften some going forward in an orderly way, with the supply and demand both muted." But that's only a baseline, he said, and there are risks that inflation could be more persistent, or that the labor market could weaken more than expected – one reason that he does not rule out some more "insurance" in the form of another reduction in borrowing costs. Still, he said, the Fed should be careful, especially in light of the stock market rally in recent months. "I now perceive monetary policy as somewhere between modestly restrictive and neutral, and I see, when I look out the window, financial conditions and financing conditions which are very accommodative of the growing economy," he said. (Reporting by Ann Saphir; Editing by Chris Reese, Paul Simao and Deepa Babington)

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By David Shepardson WASHINGTON (Reuters) -Republican U.S. Senator Marsha Blackburn wants the CEOs of AT&T, Verizon and T-Mobile to disclose whether they received or objected to subpoenas for phone data from eight U.S. senators related to a probe of the January 6, 2021 Capitol riot, according to letters seen by Reuters on Friday. On Monday, Senate Republicans disclosed a 2023 document that showed the FBI obtained phone data known as "toll records" from senators' phones, including Blackburn, tied to the U.S. Justice Department's investigation of the riot. She wants the telecom companies to answer questions including whether they provided "the cell phone records of their personal devices, their official government devices, or both?" Separately, Republican Senator Bill Hagerty — who is among the eight lawmakers whose information was seized — said he had written to Verizon seeking answers about the disclosure of his phone records. Verizon on Friday told Reuters it had provided the requested customer information and call records. "Federal law requires companies like Verizon to respond to grand jury subpoenas," Verizon said. "We received a valid subpoena and a court order to keep it confidential. We weren't told why the information was requested or what the investigation was about." Blackburn said all three companies got subpoenas for phone records related to "time, recipient, duration, and location of calls placed on our devices from January 4, 2021, to January 7, 2021." The records were part of special prosecutor Jack Smith's investigation into President Donald Trump’s effort to overturn his loss of the 2020 election to his Democratic opponent, Joe Biden. Trump was charged in the Capitol assault but the case did not go to trial, having been delayed and buffeted by a series of legal challenges. Smith dropped the case after Trump won the 2024 election against Biden's Vice President Kamala Harris. Smith cited a longstanding Justice Department policy against prosecuting a sitting president, but issued a report saying the evidence he gathered would have been enough to convict Trump at trial. Federal Communications Commission Chair Brendan Carr said Friday in an interview he had previously raised concerns about prior disclosures of lawmaker records. "We will be part of the effort to get to the bottom of what happened here," Carr said. (Reporting by David Shepardson; Editing by Nia Williams and David Gregorio)

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By Trevor Hunnicutt WASHINGTON (Reuters) -U.S. President Donald Trump threatened to hike tariffs on Chinese exports and cancel a meeting with President Xi Jinping, in a broadside against Beijing on Friday that sent markets and relations between the world's largest economies into a spiral. Trump, due to meet Xi in about three weeks in South Korea, complained on social media about what he characterized as China's plans to hold the global economy hostage after China dramatically expanded its rare earth element export controls on Thursday. China dominates the market for such elements, which are essential to tech manufacturing. Trump said there was no reason to hold the meeting with Xi that he had previously announced. Beijing had never confirmed the meeting between the leaders. The remarks signaled the biggest rupture in relations in four months and immediately raised questions about whether an economic detente between Beijing and Washington – the world's biggest factory and its biggest consumer – can survive. Trump, a Republican who has wielded tariffs paid by U.S. importers against friends and foes, said on Friday that he was weighing a "massive" increase in such levies on Chinese-made goods. Such a step could revive a destabilizing tit-for-tat trade war that Washington and Beijing paused amid painstaking diplomacy earlier this year. Beijing has long called for Washington to abandon unilateral trade restrictions it says undermine global commerce. MARKETS TUMBLE ON TARIFF THREATS The unexpected broadside shook global financial markets, sending the benchmark S&P 500 Index sliding by more than 2%, its biggest one-day drop since April when a steady barrage of tariff announcements by Trump was a central feature of market volatility. Investors fled into the safe haven of gold and U.S. Treasury securities, and the U.S. dollar weakened against a basket of foreign currencies. "Trump's post could mark the beginning of the end of the tariff truce," said Craig Singleton, a China expert at the Foundation for Defense of Democracies, who said Washington viewed the export control steps as a betrayal. "Beijing appears to have overplayed its hand." In his post, Trump said China has been sending letters to countries worldwide saying it planned to impose export controls on every element of production related to rare earths. He said he had been contacted by unnamed countries incensed over Beijing's steps and said he was surprised because of the "very good" recent relationship with China. TRUMP CONDEMNS BEIJING'S 'HOSTILE ORDER' "Dependent on what China says about the hostile 'order' that they have just put out, I will be forced, as President of the United States of America, to financially counter their move," Trump said on Truth Social. "For every Element that they have been able to monopolize, we have two." He added: "I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so." Trump had earlier said he would meet Xi on the sidelines of the Asia-Pacific Economic Cooperation forum being held in Gyeongju, South Korea, starting October 31. The White House and the Chinese embassy in Washington did not immediately respond to a request for comment. A spokesperson for the U.S. Trade Representative declined comment on what countermeasures Trump was contemplating while a spokesperson for the U.S. Treasury did not immediately respond to a request for comment. The two offices have led talks with Beijing on trade. Economic tensions had been rising in recent days. The Trump administration on Thursday, for instance, proposed banning Chinese airlines from flying over Russia on routes to and from the United States. The Federal Communications Commission said on Friday that major U.S. online retail websites have removed millions of listings for prohibited Chinese electronics. China's move on Thursday included adding five new elementsas well as dozens of pieces of refining technology to its export-restricting control list. It also required foreign rare earth producers that use Chinese materials to comply with its rules. China produces over 90% of the world's processed rare earths and rare earth magnets. Many are vital materials in products ranging from electric vehicles to aircraft engines and military radars. "Beijing must have concluded that the U.S. was not prepared to make significant concessions on tariffs, export controls or Taiwan," said Scott Kennedy, a China business and economics expert at Washington's Center for Strategic and International Studies think tank. China calculated, he said, that if Trump retaliates, "China will be in a better position to weather the storm, and that the U.S. will be the first to back down." (Reporting by Trevor Hunnicutt; additional reporting by David Brunnstrom, David Lawder and Maiya Keidan; Editing by Caitlin Webber and Deepa Babington)

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BRUSSELS (Reuters) -The European Commission is scrutinising safeguards for minors on Snapchat, YouTube, the Apple App Store and Google Play under its Digital Services Act (DSA), it said on Friday. The Commission is asking the businesses to provide information on their age verification systems, as well as on how they prevent minors from accessing illegal products, including drugs and vapes, or harmful material, such as contents promoting eating disorders. "Today, alongside national authorities in the member states, we are assessing whether the measures taken so far by the platforms are indeed protecting children," EU tech chief Henna Virkkunen said. Google in a response said it had already put in place measures to ensure its platforms offered age appropriate experiences and had "robust" controls for parents. "We keep expanding these efforts (and) continue to engage with the Commission on this critical area," a Google spokesperson said. The DSA is an EU landmark law that requires online companies to do more to tackle illegal and harmful content on their platforms. (Reporting by Charlotte Van Campenhout and Bart Meijer. Editing by Benoit Van Overstraeten and Mark Potter and Inti Landauro)

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(Corrects header) By Stephen Culp NEW YORK (Reuters) -Wall Street tanked on Friday after U.S. President Donald Trump rattled markets by unleashing a string of bellicose threats against China after Beijing tightened its rare earth restrictions.  In a post on Truth Social, Trump said he is weighing a "massive" tariff increase on Chinese imports and said there is no reason to meet with China's President Xi Jinping in two weeks as planned, adding that there are "many other countermeasures" under consideration. The tirade shocked markets and threatened further damage to already strained relations between the world's two largest economies. All three major U.S. stock indexes sold off sharply in the wake of Trump's remarks, suffering their largest single-day percentage drop in months. The broad selloff erased the possibility of the indexes notching weekly gains, despite having reached record closing highs in recent sessions.  "The second largest economy and the first largest economy are arguing again, and we're seeing a sell first, ask questions later mentality to end the week," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "President Trump's post did truly come out of nowhere, which opened the door for some extreme volatility." "And it's important to remember we haven't had this level of volatility in a long time," Detrick added. "One could argue we were due for some spookiness this October." Trump's erratic trade policies have rattled markets since his April 2 "Liberation Day" tariff announcement, with on-again, off-again trade negotiations, causing turbulence across asset classes. According to preliminary data, the S&P 500 lost 182.34 points, or 2.71%, to end at 6,552.77 points, while the Nasdaq Composite lost 820.20 points, or 3.56%, to 22,207.28. The Dow Jones Industrial Average fell 873.58 points, or 1.88%, to 45,480.04. The Philadelphia SE Semiconductor Index was among the hardest-hit sectors in the wake of Trump's announcement. China produces over 90% of the world's processed rare earths and rare earth magnets, which are critical for products ranging from electric vehicles and aircraft engines to military radars. Renewed tensions between the two largest global economies could trigger major supply chain disruptions, particularly for the technology, electric vehicle and defense industries. The CBOE Volatility Index, viewed as a reflection of market anxiety, touched its highest level in a month. U.S.-listed shares of Chinese companies, including heavyweights Alibaba Group Holding, JD.com Inc and PDD Holdings closed at steep losses. Qualcomm slid after China's market regulator said the country had launched an antitrust investigation into the semiconductor manufacturer over its acquisition of Israel's Autotalks. The U.S. government is currently in its 10th day of shutdown as a congressional impasse has so far yielded few signs of progress or serious negotiation. This has resulted in a data blackout, with official government economic indicators postponed for the time being. Still, data from independent sources continues unabated. The University of Michigan released its preliminary take on October consumer sentiment, which is drifting along near historic lows as high prices and weakening job prospects remain at the forefront of consumer worries. In the absence of official data, investors look to the U.S. Federal Reserve for clues regarding near-term interest rate cuts. Fed Governor Christopher Waller said that while private employment data continues to show labor market weakness, the central bank should act with caution when reducing the Fed funds target rate as it evaluates the economy.  St. Louis Fed President Alberto Musalem echoed that sentiment, saying that another rate cut could be warranted as insurance against a weakening labor market. "I believe that we have to tread with caution" before monetary policy becomes too accommodative, he said. A spate of large financial firms – including JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo – is set to release quarterly results on Tuesday, marking the unofficial launch of third-quarter earnings season. Analysts currently expect third-quarter S&P 500 earnings growth of 8.8% year-on-year, on aggregate, compared with annual growth of 13.8% last quarter and 9.1% in Q3 2024, according to LSEG data. (Reporting by Stephen Culp; Additional reporting by Niket Nishant, Sukriti Gupta, Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Aurora Ellis)

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By Caroline Valetkevitch NEW YORK (Reuters) -Stocks fell sharply, with the S&P 500 and Nasdaq down more than 2% each, while Treasury yields dropped and the U.S. dollar weakened on Friday after President Donald Trump said he was weighing a "massive increase" in tariffs on Chinese goods. Technology-related shares were among the biggest decliners on Wall Street, with an index of semiconductors down 5.4%. U.S.-listed shares of Chinese firms also dropped. E-commerce firm Alibaba Group Holding was down 9% and JD.com Inc declined 7.2%. Oil prices fell more than $2 a barrel as Trump's threat cast a shadow over the demand outlook, while gold rallied above the $4,000 an ounce milestone for a second time this week. Trump said there was no reason to meet with China's President Xi Jinping in two weeks in South Korea as planned, adding in a Truth Social post that the U.S. is calculating a massive increase in tariffs on Chinese imports.  The step could revive a destabilizing tit-for-tat trade war that Washington and Beijing paused amid painstaking diplomacy earlier this year. The U.S. president complained on social media about what he characterized as China's plans to hold the global economy hostage after China dramatically expanded its rare earth element export controls on Thursday.  "He's caught the market off guard again and thrown more question marks into a market that is being questioned about a very high degree of enthusiasm and being sort of scrutinized for having too much fluff built into it," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. The Dow Jones Industrial Average fell 710.72 points, or 1.53%, to 45,647.70, the S&P 500 fell 146.09 points, or 2.18%, to 6,588.56 and the Nasdaq Composite fell 655.35 points, or 2.84%, to 22,369.57. U.S. stock indexes had been hitting record highs this week, lifted in part by expectations of further interest rate cuts from the Federal Reserve and optimism about artificial intelligence-related deals. MSCI's gauge of stocks across the globe fell 17.58 points, or 1.77%, to 975.89. European shares closed 1.25% lower, erasing weekly gains in a last-minute slide tied to the fresh threats from Trump. The benchmark STOXX 600 had its worst intraday drop in more than a month. Benchmark U.S. yields extended losses from earlier in the session after the Trump comments, with the 10-year Treasury yield hitting its lowest level since mid-September.  U.S. sovereign debt had been in a holding pattern in recent days as a U.S. federal government shutdown, which started October 1, halted the production of crucial economic indicators. The yield on benchmark U.S. 10-year notes fell 9.3 basis points to 4.055%, from 4.148% late on Thursday. The dollar index, which measures the greenback against a basket of currencies, fell 0.42% to 98.97, with the euro up 0.4% at $1.1609. Against the Japanese yen, the dollar weakened 0.89% to 151.7. The yen was still headed for a decline for the week against the dollar following Japan's political changes and rate outlook uncertainty. The Japanese currency has dropped on concerns that the Bank of Japan may not hike interest rates again this year after fiscal dove Sanae Takaichi's surprise victory to lead the ruling party. Japanese Finance Minister Katsunobu Kato said on Friday that the government was concerned about excessive volatility in the foreign exchange market. In France, leftist party chiefs said after talks with President Emmanuel Macron that Macron will not name a prime minister from the left later on Friday.  French blue chip stocks dropped 2% this week. Markets were rocked on Monday after Sebastien Lecornu tendered his and his government's resignation just hours after announcing a cabinet line-up. U.S. crude fell  $2.61 to settle at $58.90 and Brent fell $2.49 to settle at $62.73. Spot gold rose 0.73% to $4,004.00 an ounce. (Additional reporting by Marc Jones in London and Purvi Agarwal; Editing by Susan Fenton, Nick Zieminski and Edmund Klamann)

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