Trump responds to China’s restrictions on rare earth metals by threatening to impose 100% tariffs.

President Donald Trump announced Friday that he will impose a 100% tariff on all imports from China, while also imposing export controls on “any and all critical software” from the United States.

This is the latest step in what appears to be an escalating trade conflict between the United States and China. in Social function of truth In announcing the tariffs, Trump also said that these new tariffs would be “on top of” any tariffs already imposed on Chinese imports. (CNBC reports that while US tariffs on Chinese imports vary depending on the goods, The basic tariff rate is already 40%.)

Earlier this week, China announced this Tightening export controls on rare earth metalsThis requires foreign companies to apply for a license if they wish to export products containing even a small amount of those metals. China is the world’s largest producer of rare earth metals, which are used in products vital to the technology industry, including semiconductors and solar panels.

In his post, Trump described China’s announcement as “completely unheard of in international trade, and a moral disgrace in dealing with other countries.”

“It is impossible to believe that China would have taken such action, but they did, and the rest is history,” he wrote.

According to Trump, these new tariffs are scheduled to take effect on November 1. After publishing, Trump reportedly told reporters The tariffs could still be reversed, and it would not necessarily cancel the scheduled meeting with President Xi Jinping.

Stocks fell Following Trump’s announcement, the Dow Jones Industrial Average fell 1.9% at market close on Friday, the S&P 500 fell 2.71%, and the Nasdaq fell 3.56%. Some technology companies were particularly hard hit, with Nvidia and Tesla shares falling about 5% at market close.

The news also impacted cryptocurrency markets, leading to liquidations The dollar amount of liquidations was reportedly 10x during the FTX collapse.