U.S. President Donald Trump on Friday said there no reason to meet with China's President Xi Jinping in two weeks in South Korea as planned, adding in a Truth Social post that the U.S. is calculating a massive increase in tariffs on Chinese imports.
Trump said China has been sending letters to countries worldwide saying it planned to impose export controls on every element of production related to rare earths.
"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", he said the Truth Social post.
He added that he had not spoken to China's Xi Jinping because there was no reason to do so.
