U.S. President Donald Trump vowed to impose 155% tariffs on China if it fails to sign a trade deal with Washington by November 1.

He said he would also meet with Australia’s prime minister to boost cooperation on trade and defense, announcing a new agreement on rare earth minerals.

Trump added that the submarine deal between the U.S. and Australia could serve as a “strategic deterrent” to China, calling tariffs a “powerful tool to end disputes.”