Morning Business Report: Beijing warns of retaliation as Trump threatens new tariffs

Beijing is warning of countermeasures against Washington after U.S. President Donald Trump renewed threats to impose 100% tariffs on Chinese imports.

(NBC)- Beijing is warning of countermeasures against Washington after U.S. President Donald Trump renewed threats to impose 100% tariffs on Chinese imports.

The latest escalation follows China’s move last week to restrict exports of rare earth minerals, a key component in electronics and defense manufacturing. Analysts say the growing tensions could derail months of trade negotiations — and the fallout is already rattling global markets.

Stocks tumbled Friday, wiping out roughly $2 trillion in market value. Both the Dow Jones Industrial Average and the Nasdaq lost more than 800 points after the president’s social media posts about higher tariffs.

Meanwhile, the government shutdown continues to ripple through the economy. The delay has pushed back key federal announcements — including the annual cost-of-living adjustment for Social Security, now expected October 24. Economists warn that the first wave of missed paychecks will begin hitting families and communities this week, deepening the shutdown’s financial impact.

And in lighter news, a new survey finds that Americans may be open to turning weddings into branded events. Research from Talker found that 61% of respondents would consider allowing a brand to sponsor their wedding — or would have in the past — if it helped offset costs. Only about a third said they’d reject all sponsorship offers outright.