Stocks fell sharply on Friday after President Donald Trump announced plans to impose a 100% tariff on Chinese products starting Nov. 1, among other measures.

In a social media post, Trump warned that the tariff could be implemented sooner depending on China's response, but he also left the door open for de-escalation.

“We’re going to have to see what happens. That’s why I made it Nov. 1,” Trump told reporters on Friday.

Trump is responding to China's newly announced export controls on rare earth elements, which are essential for everyday electronics and military equipment. Trump called the policy "an extraordinarily aggressive position" and a "moral disgrace in dealing with other Nations."

"We were just surprised at China," Trump said. "I have a very good relationship with President

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