Trump's Trade Tensions with China: A Rare Earths Standoff

US President Donald Trump declared on Friday that he perceives no reason to meet with Chinese leader Xi Jinping during his forthcoming trip to South Korea. This announcement follows China's decision to restrict exports of rare earths crucial for American industry.

The President hinted at potentially escalating tariffs on Chinese imports in response to Xi's actions. Trump wrote on his Truth Social platform about the possibility of a "massive increase" in import taxes on Chinese goods, considering various countermeasures amid ongoing trade negotiations between the two major economies.

China's move to limit the rare earths access crucial for US technology has intensified the trade dispute. Trump described China as "hostile" for restricting rare earths, essential for numerous technologies. The surprise move has caught global leaders off guard, elevating tensions between China and the US.

(With inputs from agencies.)