On his Truth Social account, President Donald Trump claimed China is preparing export control measures targeting rare earths and other strategic elements, accusing Beijing of attempting to “clog” global markets. He warned the U.S. may respond with increased tariffs and other countermeasures.
- Trump says China sent multi-page letters to countries listing elements it plans to restrict globally.
- He accused China of holding the world “captive” through monopoly control over critical materials.
- He also stated there is “no reason” to meet Chinese President Xi Jinping at the upcoming APEC summit.
- As of his post, he said he is “calculating” a massive tariff increase on Chinese imports.
- The S&P 500 dropped over 70 points shortly after his message went live.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
