WASHINGTON — President Trump said Friday that he will increase tariffs on Chinese goods by 100% and threatened to cancel his planned Oct. 29 meeting with Chinese President Xi Jinping over Beijing’s new export controls.

US markets took a dive as the trade war flared over the new Chinese Commerce Ministry rule requiring companies to seek permission to export items containing or made with rare-earth and critical minerals, including batteries, semiconductors and technologies with magnets.

Trump said the rule threatens to throttle the world economy, potentially denying components to a broad swath of products that are essential to international supply chains, and that Beijing has until Nov. 1 to change course.

“This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations,” Trump said in a Friday evening statement.

“Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software.”

Beijing’s Commerce Ministry released the rule Thursday forcing other nations to obtain licenses to export products that contain more than 0.1% of rare earths, escalating the trade war with the US involving semiconductor chips that power cell phones, computers and data centers for AI models.

China currently produces roughly 90% of the world’s rare-earth minerals that help produce those products, according to The Wall Street Journal.

“It’s an economic equivalent of nuclear war — an intent to destroy the American AI industry,” Dmitri Alperovitch, co-founder of the Silverado Policy Accelerator think tank, told the outlet, claiming it was a “blackmail tactic” before Trump’s planned summit with Xi in South Korea.

The US has either secured domestic or foreign investments of hundreds of billions of dollars in data centers used to help power AI during Trump’s second term.

The president specified to journalists Friday evening in the Oval Office that he was considering retaliatory export restrictions on airplanes and airplane parts.

The current average US tariff on Chinese products is 57.6%, up from 19.8% one year ago, according to the Peterson Institute for International Economics.

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Trump, who has made reforming trade relations to the benefit of American businesses a major goal of his presidency, announced the massive new tariff following a five-month reprieve in tensions with China.

Ahead of the anticipated announcement, the Dow Jones Industrial Average closed down 1.9%, the Nasdaq plunged 3.56% and the S&P 500 dropped 2.71%.

Trump denounced the Chinese policy earlier in the day, writing on Truth Social, “Some very strange things are happening in China!”

In his initial post, Trump said the just-announced policy, which purports to apply even to products that companies based in China make outside the country, would tank relations.

“Our relationship with China over the past six months has been a very good one, thereby making this move on Trade an even more surprising one. I have always felt that they’ve been lying in wait, and now, as usual, I have been proven right!” Trump wrote.

Earlier this year, Trump ratcheted up tariffs on Chinese goods to 145% in a tit-for-tat escalation, which Trump agreed in May to reduce to 30% as part of a reciprocal walk-back. They have since crept higher.

“But the U.S. has Monopoly positions also, much stronger and more far reaching than China’s,” the president went on.

“I have just not chosen to use them, there was never a reason for me to do so — UNTIL NOW! The letter they sent is many pages long, and details, with great specificity, each and every Element that they want to withhold from other Nations. Things that were routine are no longer routine at all.”

Trump wrote that “I have not spoken to President Xi because there was no reason to do so. This was a real surprise, not only to me, but to all the Leaders of the Free World. I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so.”

Trump concluded: “Dependent on what China says about the hostile ‘order’ that they have just put out, I will be forced, as President of the United States of America, to financially counter their move. For every Element that they have been able to monopolize, we have two.”