US stocks tumbled sharply on Friday as President Donald Trump rattled markets with threats of a “massive” tariff increase on Chinese goods and hinted at canceling his planned meeting with President Xi Jinping. The S&P 500 lost 2.2%, the Dow fell over 700 points, or 1.5%, and the Nasdaq slid 2.9%, erasing weekly gains despite recent record highs. Trump accused China of using rare earths to dominate global markets and criticized Beijing’s new export controls, prompting concerns about renewed US-China trade tensions. Tech and semiconductor stocks led the sell-off, with AMD down 6.6%, Nvidia losing more than 2%, and Qualcomm declining more than 6% after an antitrust probe in China. The market reaction was intensified by the US government shutdown, now in its 10th day, which has delayed economic data releases and increased uncertainty for investors. For the week, the S&P 500 and the Nasdaq has lost over 1% each, while the Dow Jones is on track to close 2% lower.