President Trump: China is now “very hostile” – no reason to meet with Xi – huge tariff increase coming soon!

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President Trump recently turned on China in a new TruthSocial post that took much of the world by surprise.

While most people believed that negotiations with China were progressing quite well, President Trump tells us that this is far from the case.

In fact, it seems things have gone awry and all negotiations have stopped and, among other things, a new round of painful tariffs is coming.

Here was his post:

And because it may be hard to read, here’s the full text:

Donald J. Trump
@realdonaldtrump

Some very strange things are happening in China! They are being very hostile, and sending letters to countries around the world, saying they want to impose export controls on every element of rare earth related production, and virtually anything they can think of, even if it is not manufactured in China. No one has ever seen anything like it, but inevitably, it will “clog up” the markets, and make life difficult for almost every country in the world, especially China. We have been contacted by other countries who are extremely angry about this great trade hostility that has come out of nowhere. We have had a very good relationship with China over the past six months, which makes this move on trade even more surprising. I’ve always felt that they’ve been lying in wait, and now, as always, I’ve been proven right!

There is no way that China should be allowed to “capture” the world, but it seems that this has been their plan for quite some time, starting with the “magnets” and other elements that they have quietly accumulated into somewhat of a monopoly position, which is a sinister and hostile move to say the least. But the US also has a monopoly position, which is much stronger and more far-reaching than China’s. I just chose not to use them, there was no reason for me to do so – until now! The letter they sent is several pages long and details with great specificity each element they want to hide from other countries. Things that were routine are no longer routine at all. I have not spoken to President Xi because there was no reason to do so. This was a real surprise not only for me, but for all the leaders of the free world. I was supposed to meet President Xi at APEC in South Korea in two weeks, but see no reason to do so now. The Chinese letters were particularly inappropriate because this was the day when, after three thousand years of conflict and fighting, there was peace in the Middle East. I wonder if that timing was coincidental?

Depending on what China says about the hostile “order” it has just issued, I, as President of the United States, will be forced to counter their move economically. For every element they are able to monopolize, we have two. I never thought it would come to this, but perhaps, like everything, the time has come. Ultimately, while potentially painful, this will ultimately be a very good thing for the United States. One of the policies we are calculating right now is a massive increase in tariffs on Chinese products coming into the United States. Similarly, there are several other countermeasures that are also being seriously considered. Thank you for your attention to this matter!

Donald J. Trump, President of the United States

Stock and crypto markets have absolutely collapsed since the post went live:

nbc news The following was added:

President Donald Trump threatened a “huge” increase in tariffs on Chinese products on Friday, roiling markets and injecting a new dose of uncertainty into trade relations between the world’s largest economies.

China has become “very hostile” on trade matters, Trump says in explosive Truth Social post. “I was supposed to meet President Xi at APEC in South Korea in two weeks, but I see no reason to do it now.” The leaders were expected to announce a full trade deal at the meeting.

On Thursday, China announced a series of new limits on trade in rare earths and their related technologies.

A spokesperson for the Chinese Embassy in Washington, DC, did not immediately respond to a request for comment on Trump’s post.

The announcements from China and Trump were a sudden escalation of a trade war that had appeared to be cooling down. The perceived certainty of an upcoming China deal was lifting stocks. But the president’s Truth social post on Friday immediately sent US stocks to session lows, with the S&P 500 falling more than 1% after earlier trading in positive territory. The Nasdaq, which includes many tech companies traded in China, fell about 2%.

Under China’s new trade rules, foreign companies are required to seek special approval to export goods that contain even trace amounts of rare earth elements sourced from China. These vital minerals are needed in a wide range of products, from jet engines, radar systems and electric vehicles to consumer electronics including laptops and phones.

China and the US have held more than three rounds of trade talks this year, with rare earths, TikTok and tariffs coming up for discussion. Following talks in Geneva in May, the administration said China had decided to relax rare earth export controls.

In June, the two sides met again in London, where they announced another agreement on the issue. Following those talks, the US said it hoped the issue would be “resolved”.

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