President Donald Trump declared 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 move in what looks like an escalating trade conflict between the United States and China. In a Truth Social post announcing the tariffs, Trump also said this new tariff would be “over and above” any tariffs already imposed on Chinese imports. (CNBC reports that while U.S. tariffs on Chinese imports vary depending on the goods, the base tariff rate is already 40%.)

Earlier this week, China announced that it is tightening its export controls on rare earth minerals, requiring that foreign companies apply for a license if they want to export products with even a small amount of those minerals. China is the world’s largest producer of rare earth minerals, which are used in products critical to the tech industry, including semiconductors and solar panels.

In his post, Trump described China’s announcement as “absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.”

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

According to Trump, these new tariffs are set to take effect on November 1. After posting, Trump reportedly told journalists that the tariffs could still be walked back, and that he would not necessarily cancel a scheduled meeting with President Xi Jinping.

Stocks tumbled following Trump’s announcement, with the Dow Jones Industrial Average down 1.9% at market close on Friday, the S&P 500 down 2.71% and Nasdaq down 3.56%. Some tech companies were hit particularly hard, with Nvidia and Tesla both down around 5% at market close.

The news also affected the crypto markets, leading to liquidations that were reportedly 10x the dollar value of liquidations during the FTX collapse.

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