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 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. 3

“This affects ALL Countries, without exception, and was obviously a plan devised by them

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