Asia stocks trade in red on Monday as sentiment soured after U.S. President Trump announced Friday a 100% tariff on all Chinese goods effective November 1, in retaliation for China’s new export curbs on rare earth minerals.

The Chinese Ministry of Commerce said the controls, issued Oct. 9, were part of Beijing's effort to "better safeguard world peace and regional stability."

“We should not miss the fundamental point on rare earths: China has crafted a policy that gives it the power to forbid any country on Earth from participating in the modern economy,” Dean Ball, who served as a senior advisor in the White House Office of Science and Technology Policy earlier this year, wrote on X on Saturday.