Trump Threatens New Tariffs Amid Rising US-China Tensions

US President Donald Trump announced on Friday that there appears to be no reason for a meeting with Chinese leader Xi Jinping during his impending visit to South Korea. This statement follows China's decision to restrict exports of rare earth elements crucial for US industries.

The Republican president hinted at a potential 'massive increase' in tariffs on Chinese goods, a move that may be seen as either posturing for potential negotiations or a retaliatory measure escalating fears over global economic stability.

While both nations have eased tariffs after negotiations in Switzerland and the UK, tension lingers as China limits America's access to these essential rare earth materials.

(With inputs from agencies.)