President Trump ratcheted up tariff and trade tensions with China, threatening a "massive increase" in duties on Chinese goods and suggesting he would scrap a planned meeting later this month with Chinese leader Xi Jinping.

Trump accused China of becoming "very hostile," pointing to curbs this week it took on exports of rare earth minerals. As part of their trade dispute, China also slapped new port fees on US ships and launched an antitrust investigation into US-based Qualcomm (QCOM). Beijing has also halted purchases of US soybeans, scrambling business plans for US farmers.

US stocks slid on Friday after Trump threatened the tariff increase.

Read more: What Trump's tariffs mean for the economy and your wallet

US tariffs on China of nearly 145% in some cases are on hold until Nov. 10 while the two countries made progress on a larger trade deal. Chinese tariffs on US goods ballooned to 125% before the pause.

Here's what else to know on Trump's tariffs:

Early next month, the US Supreme Court is set to hear a challenge to Trump's most sweeping tariffs — the "reciprocal" country-by-country duties that you can see in the graphic above. A ruling against the tariffs — which would be in line with lower-court decisions — could have significant ramifications for Trump's tariff strategy and for the revenue the US has collected so far from the duties.

New duties on kitchen cabinets, and vanities took effect Oct. 1.

Tariffs on timber and certain wood products (like furniture) will take effect Oct. 14.

A US pause on tariffs on goods from Mexico is also set to end early next month.

Chinese authorities began an antitrust probe into US chipmaker Qualcomm (QCOM) and hit US shippers with new port fees.

They're the latest in a tit-for-tat jostling for leverage by the US and China ahead of this month's key meeting between Presidents Xi and Trump. A fragile trade truce between the two countries will expire in November, too.

Bloomberg reports:

Beijing’s Transport Ministry announced Friday that it will begin collecting fees on vessels owned by US companies and individuals, as well as those built in America, starting Oct. 14. The move coincides with the date Washington plans to impose new charges on large Chinese ships calling at US ports.

Separately, China’s market regulator opened an anti-monopoly investigation into Qualcomm over its acquisition of Israel’s Autotalks Ltd. ...

The measures add to Beijing’s move this week to tighten export controls on rare earths and other critical materials, as well as its ongoing halt on US soybean purchases, escalating pressure on American farming communities that largely voted for Trump in 2024.

Beijing’s unexpected volley followed a flurry of steps by the Trump administration targeting the world’s No. 2 economy. Besides the planned ship levies, officials in Washington have reportedly in recent days proposed barring Chinese airlines from flying over Russia on flights to and from the US, and expanded sanctions to further prevent the likes of Huawei Technologies Co. accessing restricted US goods.

Read more here.

Nvidia is in China's crosshairs again, as Beijing tightens border checks on the US company's products at key ports.

Previously, customs authorities had done little to hinder US chip imports as long as duties were paid as required. The stepped-up measures come amid a Chinese push to get its tech companies to order chips locally instead.

The Financial Times reports:

Teams of customs officers have been mobilised at major ports across the country in the past few weeks to carry out stringent checks on semiconductor shipments, according to three people with knowledge of the matter. ...

The targeted processors — Nvidia’s H20 and RTX Pro 6000D — are designed to adhere to US export controls and maintain the Silicon Valley chipmaker’s market share in China.

But one person said the checks had been extended more recently to all advanced semiconductor products, to also better target the smuggling of high-end chips that breach US export curbs. ...

The latest moves have occurred as senior officials in Beijing have determined that domestic chips have reached performance standards that compare with Nvidia’s China-specific chips.

Read more here.