U.S. President Donald Trump on the 10th (local time) criticized China's export controls on rare earths and said, "I was scheduled to meet Xi Jinping (China's president) at the APEC (Asia-Pacific Economic Cooperation) summit in Korea in two weeks, but now it doesn't seem there's any reason to do so."
Trump said in a post on the social media platform Truth Social that "very strange things are happening in China," adding, "They are becoming very hostile and are sending letters to countries around the world, notifying them that they will impose export controls on all elements related to 'rare earth' production."
He said, "We are hearing from other countries that are very angry about this sudden act of trade hostility," adding, "Because relations between us and China have been very good for the past six months, China's move is all the more unexpected." He added, "China must never be allowed to hold the entire world 'captive.'"
Trump said, "Depending on what is said about the hostile 'order' China just issued, I, as the U.S. president, will have no choice but to respond to their actions financially," adding, "One of the policies we are reviewing at this moment is a large-scale increase in tariffs on Chinese products entering the United States."