Trump's Tariff Tango: Trade Tensions Flare with China

President Donald Trump has reignited trade tensions with China by accusing the nation of breaching a bilateral agreement to roll back tariffs. He announced plans to double worldwide steel tariffs, a move that sent shockwaves through the global trade community.

Speaking at a rally, Trump expressed his dissatisfaction with China's compliance, particularly concerning rare earths licenses crucial for U.S. industries. While China maintains it is adhering to previous agreements, the U.S. remains critical, citing slow progress in trade negotiations.

The escalation continues as a U.S. official revealed that rare earths could be a significant sticking point. As diplomatic talks stall, the economic partnership between the two countries hangs in a delicate balance, with potential ripples affecting global markets.

(With inputs from agencies.)