U.S. President Donald Trump stated that there “seems to be no reason” for a meeting with Chinese leader Xi Jinping during his upcoming visit to South Korea, after China restricted the export of rare minerals needed by American industry, reports the Associated Press.
Trump hinted that, in response to Xi’s actions, he is considering a “major increase” in import taxes on Chinese goods.
“One of the measures we are currently considering is a large increase in tariffs on Chinese products entering the United States. There are also many other countermeasures that are being seriously considered,” Trump announced on his social network Truth Social.
The United States and China are vying for advantage in trade negotiations, after import tariffs introduced earlier this year triggered a trade war between the world’s two largest economies.
Both countries agreed to reduce tariffs following negotiations in Switzerland and the United Kingdom, but tensions remain, as China seeks to limit America’s access to rare minerals needed for a wide range of U.S. products.
Trump said that China is “becoming very hostile” and is holding the world “hostage” by restricting access to metals and magnets used in electronic components, computer chips, lasers, and other high-tech products.
MORE TOPICS:
GREEK PAID THE PRICE FOR A BAD START: Crvena Zvezda sacked Giannis Sfairopoulos! (FOTO)
Source: N1, Foto: Reuters / Kevin Lamarque / File Photo