Trump's Tariff Tactics: U.S.-China Trade Tensions Escalate

President Donald Trump announced on Friday an increase in tariffs on Chinese exports to the United States to 100%, alongside implementing export controls on crucial software. This aggressive step comes in response to China's recent limitations on exporting rare earth minerals, essential to technology and manufacturing.

The announcement came on the heels of previous hints of new levies against Chinese goods and a potential cancellation of a planned meeting with President Xi Jinping. Trump's comments have sent the global markets into upheaval and have strained U.S.-China relations, two of the world's largest economies.

Set to meet Xi in South Korea, Trump voiced skepticism about the meeting due to China's actions. His remarks highlight a significant rupture in diplomatic relations, casting doubt over the sustainability of an economic détente between the world's largest producer and consumer economies.

(With inputs from agencies.)