Trump Signals Scrapping Meeting With Xi, Threatens China Over Rare Earth Export Controls

<p>US President Donald Trump launched a scathing attack on Chinese leader Xi Jinping over Beijing&rsquo;s recent move to expand export controls on critical rare earth minerals, threatening economic retaliation and suggesting he may cancel their planned meeting at the upcoming APEC summit in South Korea.</p>
<p>Posting on Truth Social, Trump described China&rsquo;s actions as &ldquo;very hostile,&rdquo; claiming the new restrictions would &ldquo;clog&rdquo; global markets and create challenges for countries worldwide, including China. He added that, depending on China&rsquo;s response, he would be &ldquo;forced, as President of the United States of America, to financially counter their move.&rdquo;</p>
<p>Trump emphasised US leverage, asserting, &ldquo;For every element that [China] has been able to monopolise, we have two.&rdquo;</p>
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<p>Beijing&rsquo;s announcement on Thursday expanded the list of minerals under export control and included restrictions on production technologies and overseas use, notably for military and semiconductor applications. Analysts view the move as an attempt to increase bargaining power ahead of trade talks with the US.</p>
<p>Trump also criticised the timing of China&rsquo;s announcement, linking it to the Middle East peace developments: &ldquo;The Chinese letters were especially inappropriate in that this was the day&hellip; there is PEACE IN THE MIDDLE EAST. I wonder if that timing was coincidental?&rdquo;</p>
<p>The former president indicated that, following these developments, he no longer sees any reason to meet Xi. &ldquo;I have not spoken to President Xi because there was no reason to do so&hellip; I was to meet President Xi in two weeks at APEC, but now there seems to be no reason,&rdquo; he wrote.</p>
<p>The news rattled global markets, with the Dow Jones Industrial Average dropping 400 points (0.9%), the S&amp;P 500 falling 1.3%, and the Nasdaq tumbling 1.9%. Tariffs remain high between the two largest economies, with Chinese products taxed at a minimum of 30% and American exports to China at 10 per cent.&nbsp;</p>