The markets steadied on October 13 after their worst fall since April. The falls came after the US said it would impose an extra 100% tariff on imports from China from November 1.

The US took this step after China announced restrictions on exports of rare-earth minerals.

On October 13, though, US Treasury Secretary, Scott Bessent, said talks between China and the US would continue and that a proposed meeting between the two countries’ presidents would go ahead in South Korea in the coming weeks.

This, and a social media message from US president, Donald Trump, saying that “it would all be fine”, were enough to calm the markets again.

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