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“Wall Street Slides as Trump Floats “Major Tariff Hike” on Chinese Goods” 🚨🚨🚨

U.S. stocks turned sharply lower Friday after President Donald Trump announced on Truth Social that he’s considering a “massive increase” in tariffs on Chinese imports, signaling a new wave of trade tensions between Washington and Beijing.

Trump said he’s weighing additional “countermeasures” in response to what he described as China’s “hostile order” restricting exports of rare earth metals—materials vital for technology and electric vehicle production. The president also appeared to call off a planned meeting with Chinese President Xi Jinping in South Korea, saying there’s “no reason” to proceed under current conditions.

The news sent shockwaves through Wall Street. The S&P 500 (SPY) fell nearly 2%, the Nasdaq-100 (QQQ) slid 2.6%, and the Russell 2000 (IWM) dropped 2.2%. Goldman Sachs’ basket of U.S. companies with high China exposure also sank more than 2%.

Semiconductor and tech-related stocks bore the brunt of the sell-off. Lam Research (LRCX) dropped 5.6%, KLA Corp (KLAC) plunged over 5%, and Applied Materials (AMAT) fell nearly 3%. Apple (AAPL) slid 2.7%, while chipmakers AMD, Nvidia, Broadcom, and Intel each suffered heavy losses as investors reacted to the threat of disrupted rare earth supplies.

The selloff extended beyond tech. Tesla (TSLA) fell more than 4%, reflecting concerns over its reliance on Chinese materials. Momentum favorites like Super Micro Computer (SMCI), Coinbase (COIN), and Robinhood (HOOD) also tumbled over 7% as investors fled riskier assets.

China’s latest move on rare earths follows a broader push to protect its domestic industries. The country has reportedly launched an antitrust probe into Qualcomm, tightened export checks on semiconductors, and introduced new port fees targeting U.S. ships—further straining the already fragile trade relationship.

As markets digest Trump’s remarks, investors are bracing for heightened volatility and potential policy retaliation from Beijing, reviving memories of the 2018–2019 trade war.