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President Donald Trump announced Friday that an extra 100 percent tariff would be levied on all Chinese imports starting November 1 in retaliation for China’s recently announced export controls on rare earth minerals. 

He announced at the same time American export controls on “critical software.”

Trump also suggested that he will cancel an upcoming meeting with China’s President Xi Jinping over the new export controls.

China announced Thursday its new licensing regime for goods containing rare earth minerals, including batteries and other high-technology products, and for goods involving related technologies. China controls roughly 70 percent of the world’s rare earth extraction and refinement capacity and roughly 85 percent percent of the world’s battery production capacity. After Trump’s tariff announcement, the Chinese Ministry of Commerce accused the U.S. of promoting “double standard,” pointing to the list of American export controls.