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 Xi, and they did that. This is not something that I, you know, instigated. This was just a response to something that they did.”The dispute is reigniting trade tensions between the world’s largest economies, which had largely cooled after both countries agreed to suspend most of their triple-digit tariffs earlier this year. Experts say the previous tariff levels, topping 100% for both sides, amounted to a trade embargo that threatened to slow global economic growth. It remains to be seen if Trump will still meet with Chinese President Xi Jinping as planned during an upcoming trip to South Korea. Trump said on social media that there “seems to be no reason to meet” now, but later told reporters he has not formally canceled the meeting.