Trump said China’s recent move to impose export controls on rare-earth elements was “a real surprise” and warned he may respond with “a massive increase of tariffs.”
U.S. President Donald Trump has accused China of seeking to “monopolize” the global rare-earth minerals industry and warned of a “massive increase of tariffs” in response.
In a Truth Social post, Trump said the Chinese government had sent letters to countries worldwide outlining new export restrictions on rare-earth elements. “This was a real surprise, not only to me, but to all the Leaders of the Free World,” he wrote.
Trump said he now sees “no reason” to meet with President Xi Jinping at the Asia-Pacific Economic Cooperation summit in South Korea later this month.
He accused China of “great Trade hostility” and warned the United States would “financially counter their move.”
“I never thought it would come to this but perhaps, as with all things, the time has come,” Trump added, insisting the measures would ultimately benefit the U.S. economy despite short-term pain.