Topline
President Donald Trump on Friday threatened to impose “massive” tariffs on China after Chinese officials unveiled broader trade restrictions on rare earth minerals, deepening a trade rift with the U.S. ahead of expected talks between Trump and Chinese President Xi Jinping later this month.
Trump will hold talks with Chinese President Xi Jinping later this month.
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Key Facts
Trump, in a Truth Social post Friday, accused China of a “rather sinister and hostile move” for tightening export controls on rare earths and other materials and said the U.S. was preparing a “massive increase of Tariffs on Chinese products coming into the United States of America.”
Trump said there now “seems to be no reason” to meet with Xi, with whom Trump was scheduled to hold talks in South Korea later this month.
This is a developing story.