Trump says no reason to meet Xi, threatens more tariffs on China over rare earths ‘export control’ letter

United States President Donald Trump on Friday hinted his scheduled meeting with Chinese President Xi Jinping at APEC, in South Korea later this month, may not take place after Beijing reportedly sent letters to several countries telling them that it will impose export controls on rare earths.

In a lengthy social media post on his Truth Social, Trump said, “Some very strange things are happening in China! They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it’s not manufactured in China.”

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Trump said, “Nobody has ever seen anything like this but, essentially, it would “clog” the Markets, and make life difficult for virtually every Country in the World, especially for China. We have been contacted by other Countries who are extremely angry at this great Trade hostility, which came out of nowhere.”

He said that the US-China relationship over the last six months has been a “very good one” and that the latest move by the country has come as a surprise to him.

Trump further stated that China should not be allowed to hold the world captive. “But that seems to have been their plan for quite some time, starting with the “Magnets” and, other Elements that they have quietly amassed into somewhat of a Monopoly position, a rather sinister and hostile move, to say the least.”

The US President warned Beijing that the America too has monopoly positions, that are much stronger and more far reaching than China.

“I have just not chosen to use them, there was never a reason for me to do so — UNTIL NOW!,” he remarked.

Trump said that he has not spoken to the Chinese President about it, adding the move came as a real to not only him but all other leaders of the free world. He also asserted that there seems to be not reason to meet Xi now.

“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” he said.

Trump further warned that he will.be forced to financially counter the Chinese move.

“For every Element that they have been able to monopolize, we have two. I never thought it would come to this but perhaps, as with all things, the time has come. Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A. One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America. There are many other countermeasures that are, likewise, under serious consideration,” he added.

The development comes days after reports claimed that China has sought guarantees from India that the heavy rare earth magnets it supplies will not be re-exported to the US.

After Prime Minister Narendra Modi’s visit to China to attend the SCO Summit, Beijing had agreed to resume rare earths supply to New Delhi.

Howewer, before commencing the shipments, China has sought assurances that the rare earth magnets it will suplly are not redirected to the US.