Donald Trump has threatened to impose additional US tariffs of 100% on China from next month, accusing Beijing of “very hostile” moves to restrict exports of rare earths needed for American industry.

Wall Street fell sharply after the US president reignited public tensions with the Chinese government, and raised the prospect of another acrimonious trade war between the world’s two largest economies.

Late on Friday, the president threatened to ratchet them back up by imposing a 100% tariff on goods from China “over and above” any existing tariffs. This would happen on 1 November “or sooner”, he said, hinting that the move could be accelerated should Chinese officials opt to retaliate.

The US will also introduce export controls on “any and all critical software”, he added.