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US stocks reversed early gains to trade lower on Friday, with the S&P 500 down 1%, the Nasdaq sliding 1.7%, and the Dow Jones falling more than 300 points, after President Trump threatened a “massive increase in tariffs” on Chinese imports in response to Beijing’s plans to tighten export controls on rare earths. Trump also suggested that he might cancel his upcoming meeting with President Xi Jinping, reigniting fears of a renewed US–China trade war. The comments followed measures from China earlier in the week, including new port fees on US ships and an antitrust investigation into Qualcomm. The tech sector led losses, followed by communication services and industrials, while utilities and consumer staples managed to stay in positive territory. Nvidia (-1.7%), Meta (-2.6%), and Amazon (-3.1%) declined sharply and AMD (-6.2%) and Qualcomm (-4.1%) also tumbled. For the week, the S&P 500 remains up 0.3%, the Nasdaq has gained 1.1%, and the Dow Jones is on track to close 0.9% lower.