President Donald Trump on Friday threatened to slap a “massive increase of Tariffs” on Chinese products imported into the United States because of export controls that China imposed on rare earths from that country.
Trump also threatened in a social media post to cancel his upcoming meeting with Chinese President Xi Jinping because of the dispute.
Stock markets dropped on Trump’s bellicose Truth Social post about China.
China’s Ministry of Commerce on Thursday said that foreign entities must now obtain a license to export products that contain more than 0.1% of rare earth sourced from that country, or that are manufactured using Chinese extraction, refining, magnet-making or recycling technology.
The new rules in rare earths exports are set to take effect on Dec. 1.
U.S. and Chinese officials have been working to arrange a summit between U.S. President Donald Trump and Chinese President Xi Jinping in the coming months, which will likely take place in Beijing, experts said.
Dilara Irem Sancar | Anadolu | Getty Images
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