China is signaling that it won't back down in the face of the latest tariff threat from U.S. President Donald Trump

Trade Representative Jamison Greer said on Sunday that the U.S. reached out to China for a phone call following an announcement that it was expanding its rare earths export controls but Beijing deferred,

President Donald Trump’s threat of 100% tariffs on China “over and above any Tariff they are currently paying” effective November 1, sparked a massive cryptocurrency sell-off late Friday.

Stocks, oil, and bond yields plummeted on Friday. The S&P 500 saw its worst day since April. Trump later made good on his threats of China tariffs.

A monthslong calm on Wall Street shattered Friday, and U.S. stocks tumbled after President Donald Trump threatened to crank tariffs much higher on China. The S&P 500 sank 2.7% in its worst day since April.

President Donald Trump announced Friday he would implement 100% tariffs on China starting next month after earlier threatening to cancel his upcoming meeting with Chinese President Xi Jinping. In a social media post,

President Donald Trump on Friday threatened to place an additional 100% tax on Chinese imports starting on Nov. 1 or sooner, potentially escalating tariff rates close to levels that in April fanned fears of a global recession.

U.S. stock index futures rose on Monday following Friday's pullback, as investors returned to risk assets after President Donald Trump's softer tone eased concerns over renewed U.S.-China trade tensions.