(WASHINGTON) — President Donald Trump on Friday voiced frustration with what he called China’s “trade hostility,” threatening to respond with large tariffs on China and to cancel his upcoming meeting with Chinese President Xi Jinping.

The comments triggered a stock selloff. The Dow Jones Industrial Average tumbled 385 points, or 0.8%. While the S&P 500 fell 1.25% and the tech-heavy Nasdaq dropped 1.75%.

Trump’s remarks came a day after China imposed new restrictions on rare-earth minerals, key materials in the production of semiconductors used for everything from artificial intelligence to home appliances.

In a social media post, Trump said China had sent letters to countries around the world threatening to impose export controls on “each and every element of production having to do wit

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