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U.S. stocks tumbled Friday after President Donald Trump posted on Truth Social that he is calculating a "massive" tariff increase on Chinese imports. The post, following Beijing’s tighter controls on rare earth exports, erased roughly $2 trillion in market value: the S&P 500 fell 2.7%, the Nasdaq 3.56%, and the Dow 879 points. Chipmakers led losses—Nvidia down 5%, AMD nearly 8%—as 424 S&P names finished lower. After the bell, Trump threatened 100% tariffs and new export controls on critical software, deepening jitters ahead of a planned Xi meeting that now appears in doubt.

Prepared by Christopher Adams and reviewed by editorial team.