Trump threatens to impose additional 100% tariff on China

The S&P 500 closed down 2.7%, its steepest fall since April, after the US president hit out at China.

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In a post on social media, Trump said the US would also put export controls on critical software.

In an earlier post on Friday, he hit back at Beijing's move this week to tighten its rules for exports of rare earths, accusing China of "becoming very hostile" and trying to hold the world "captive".

He threatened to pull out of a meeting with China's President Xi Jinping. He later said he had not cancelled it, but that he did not know "that we're going to have it".

"I'm going to be there regardless," he told reporters at the White House.