White House clarifies US is tariffing China at 145%

The White House clarified that Chinese imports will be tariffed at 145%, not the 125% rate that US President Donald Trump's had written about in his posting on Truth Social.

The 125%  did not include a pre-existing tariff of 20% from earlier in the year over China's alleged role in the fentanyl supply chain.

This takes the total tariffs Trump has imposed on Chinese products this year to 145%.

Wall Street reacted immediately with the S&P 500 losing 5%, more than half its prior gain.  

China to restrict imports of US movies as tariff retaliation

China said on Thursday it will "moderately reduce" the number of Hollywood films it imports in retaliation for US President Donald Trump's tariffs on Chinese imports.

In view of the size of the Chinese film market, the world's second-largest, the move will be a blow to Hollywood studios despite the fact that China imports just 10 US films a year.

"The wrong action of the US government's indiscriminate tariffs on China is bound to further reduce the favorable impression of domestic audiences on American films," a statement from the National Film Administration said.

"We will follow market rules, respect the audience's choices, and moderately reduce the number of American films imported," it said.

Hollywood blockbusters often do well at the Chinese box office. 

Warner Bros and Legendary's "A Minecraft Movie" took the top spot last weekend, with ticket sales of around $14.5 million (€13.1 million), according to the Hollywood Reporter.