Stock markets fell Friday after US President Donald Trump threatened China with "massive" new tariffs, while oil prices retreated as Middle East tensions eased following the Gaza ceasefire.

Trump, in an angry and lengthy social media post, slammed China for "very hostile" trade practices, including imposing new export controls on rare earths.

In addition to "a massive increase of Tariffs," other major countermeasures were "under consideration", he said, adding that he no longer felt it necessary to meet China's President Xi Jinping at a summit later in the month.

Trump's sharp pivot sent Wall Street's major indices sharply lower, with the Nasdaq leading the major benchmarks lower, down 3.6 percent.

The dollar fell against its main rival currencies.

Trump's message "has been disrupting

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