One would think at this point that world leaders would clearly understand that President Donald Trump isn't bluffing when it comes to his aggressive tariff initiatives, yet China keeps pushing the envelope.

According to the Daily Mail, after China imposed export restrictions on rare earth minerals this week, President Trump announced a staggering 100% tariff on all imported Chinese goods, stirring shockwaves in Beijing. 

Given his "good relationship" with President Xi Jinping, President Trump said he was surprised that China would enact such restrictions.

Trump's announcement sparked a Wall Street sell-a-thon, with all major markets dropping sharply toward the end of the business day.

What's going on?

The problem that the White House faces, under any administration, is that China definitely has the upper hand on the rare earth minerals market, controlling a vast majority of them in the world.

The Daily Mail noted:

China this week announced new export controls on rare earth minerals which are vital in the AI arms race, semiconductors, defense, and high-tech industries. The Communist power controls 70 percent of the global supply, and 90 percent of the processing capacity, giving it huge leverage over the high-tech supply chain.

While the Trump administration typically has the advantage on most trade-related issues, it's difficult when China has such an overbearing control of that specific market.

Speaking with reporters, Trump indicated that he was surprised by the move, noting that it wasn't a good one.

"This is not something that I instigated, this was just a response to something that they did. They didn't really aim it us, they aimed it at the whole world. It was very bad," Trump said this week at the White House.

Trump is set to meet with President Xi at the end of the month, and while the current situation hasn't canceled it, it seems it could be up in the air.

"I haven't cancelled, but I don't know that we're going to have it - but I'm going to be there regardless," Trump said.

Massive hike

Trump announced that the extended tariffs would take place on Nov. 1.

The Daily Mail noted:

Trump said the new 100 percent tariff, set to take effect on November 1 along with export controls on critical software, will be added on top of existing rates, dramatically increasing the cost of imports.

The president suggested there could be even more products up for export controls to come.

"A lot more. We have airplanes, we have airplane parts. Do you remember that from last time? They have a lot of Boeing planes and parts," Trump said.