2025年10月10日，美國股市在深夜出現劇烈閃崩，創下半年來最大跌幅，尤其是科技和消費類股遭遇重挫。當日，美股七大巨頭公司市值蒸發超過20兆台幣，市場信心受到嚴重打擊。與此同時，被譽為“避險之王”的黃金價格再度大幅上漲，金飾價格攀升至每克1183元人民幣。此次市場動盪，直接源於美中貿易緊張局勢的最新升級。

事件的導火索是當日美國總統川普在社交媒體上宣布，計劃自11月1日 起對中國輸美商品加徵100%關稅，作為對中國此前反制措施的回應。加徵關稅的範圍幾乎涵蓋所有中國輸美商品，疊加現有關稅後，部分商品總稅率可能超過 130%。與此同時，特朗普宣布將對“所有關鍵美國製造軟件”實施出口管制，限制向中國出口相關技術產品，對中國企業尤其是高科技產業構成直接衝擊。

針對美方行動，中國於10月9日宣布加強稀土出口管制，限制涉及軍工用途的稀土產品出口，同時對美方301調查措施進行反制。中國政府強調，反制行動屬於“正當防衛”，並表明立場：“打奉陪到底，談大門敞開”，意即在堅決維護自身利益的同時，仍為談判保留空間。中方還提出將推動外貿多元化及關鍵技術自主化，降低對美國的依賴，以應對長期貿易摩擦。

此消息一出，全球金融市場立即震盪。美股三大指數全線下跌，道指下跌1.9%，納指下跌3.5%，標普500指數下跌 2.7%，中概股亦遭遇重創。市場分析人士擔憂，若關稅真正落地，將對全球供應鏈造成衝擊，並進一步推高美國通脹風險。

在後續動向方面，川普表示，如果中國取消稀土管制，可能撤回加稅計劃，以為雙方談判留出空間；而中方則重申將堅決反制，同時加快外貿多元化及關鍵技術自主化進程，減少對美國市場的依賴，尋求在長期博弈中保持自主權。

整體而言，此次事件不僅導致全球金融市場劇烈波動，也凸顯出美中貿易摩擦的新升級及其對市場和產業鏈的深遠影響，成為國際經濟與政治觀察的重要焦點。

On October 10, 2025, the U.S. stock market experienced a sudden and severe flash crash, marking the largest drop in six months. Major tech and consumer stocks were particularly hard hit, with the combined market value of the seven largest U.S. companies evaporating by over 5 trillion RMB. At the same time, gold, regarded as the “safe-haven asset,” surged again, with the price of gold jewelry rising to 1,183 RMB per gram. The turmoil was directly triggered by the latest escalation in U.S.-China trade tensions.

The flash crash followed U.S. President Donald Trump’s announcement via social media that, starting November 1, 2025, the United States would impose a 100% tariff on nearly all Chinese exports to the U.S., as a response to China’s earlier countermeasures. With existing tariffs stacked on top, some products could face total tax rates exceeding 130%. Simultaneously, Trump declared export controls on “all critical U.S.-made software,” restricting the export of key technology products to China, directly affecting Chinese companies, especially in the high-tech sector.

In response, China announced on October 9 strengthened controls on rare earth exports, limiting shipments of products related to military applications and implementing countermeasures against the U.S. 301 investigation measures. The Chinese government emphasized that these counteractions constitute “legitimate self-defense” and reiterated its stance: “We will respond decisively, but remain open to negotiations.” China also stated that it would accelerate trade diversification and key technology self-reliance to reduce dependence on the U.S. in the long term.

The announcement immediately rattled global financial markets. U.S. stock indices fell sharply: the Dow Jones Industrial Average dropped 1.9%, the Nasdaq 3.5%, and the S&P 500 2.7%, while Chinese concept stocks listed in the U.S. also suffered significant losses. Analysts warned that if the tariffs were fully implemented, global supply chains could be severely disrupted, potentially pushing U.S. inflation higher.

Regarding subsequent developments, Trump indicated that the tariff plan could be withdrawn if China lifted its rare earth export restrictions, leaving room for negotiation. Meanwhile, China reaffirmed its commitment to countermeasures and emphasized promoting trade diversification and technology self-sufficiency to reduce reliance on the U.S., aiming to maintain strategic autonomy in the ongoing trade dispute.

Overall, this event not only caused sharp fluctuations in global financial markets but also highlighted the new escalation in U.S.-China trade tensions and its profound impact on international markets and supply chains, becoming a focal point for both economic and political observers worldwide.