U.S. stocks fell sharply Friday after President Donald Trump made critical remarks about China’s control of rare earth metals, fueling renewed trade tensions and sparking a broad market sell-off.

The Dow Jones Industrial Average dropped 528 points, or 1.1%, while the S&P 500 slid 1.6% and the Nasdaq Composite tumbled 2.2%. Losses deepened throughout the day, led by technology shares most vulnerable to trade disruptions. Nvidia fell over 2.5%, AMD plunged 7%, and Tesla lost 2%.

Trump wrote on Truth Social that China was “becoming very hostile” and was sending letters to countries “to impose export controls on each and every element of production having to do with rare earths.” He added, “I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so.”

Trump accused Beijing of holding the world “captive” with its control over rare earth metals and warned he would “financially counter their move.” Earlier this week, China tightened export regulations on rare earth materials—critical for electric vehicles and missile defense systems—requiring licenses for goods containing as little as 0.1% of the metals.

“Expectations for a China trade deal just got swept off the table,” said Jeff Kilburg, founder of KKM Financial. “Profit takers are out in full force.”

The market turmoil came as the U.S. government shutdown entered its 10th day, with the Senate once again failing to pass funding measures. The twin pressures of political gridlock and trade uncertainty pushed the S&P 500 to erase its weekly gains, putting it on track for a 1% loss. Earnings season kicks off next week with major banks like Citigroup and JPMorgan set to report results.