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U.S. President Donald Trump said Friday he no longer plans to meet with Chinese President Xi Jinping at this month's Asia-Pacific Economic Cooperation summit, citing what he called Beijing's "hostile" trade practices and threatening substantial tariff increases in response.
The abrupt reversal came in a Truth Social post as Trump traveled to a military hospital near Washington for a medical examination. Just last week, the president had emphasized the importance of the planned APEC meeting in South Korea, which would have marked their first face-to-face encounter since Trump's return to office in January.
"I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so," Trump wrote, adding he saw no purpose in calling the Chinese leader about the dispute.
The president's announcement centered on China's export controls on rare earth minerals, essential components in products ranging from smartphones and electric vehicles to military equipment and renewable energy technology. China controls the majority of global production and processing of these materials.
"Some very strange things are happening in China! They are becoming very hostile," Trump said, claiming Beijing had sent letters worldwide detailing export restrictions on "each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it's not manufactured in China."
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Wall Street stocks quickly dropped into negative territory following Trump's tariff threat, signaling investor concerns about renewed trade tensions between the world's two largest economies.
Trump characterized China's actions as "a rather sinister and hostile move," accusing Beijing of attempting to "hold the World 'captive'" through monopolistic control over magnets and other critical elements. He suggested China had been "lying in wait" despite six months of what he described as good relations.
"One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America," the president wrote, warning he would be "forced" to "financially counter their move" depending on China's response.
The escalation comes amid fragile détente between Washington and Beijing following an earlier tariff war this year that threatened to severely restrict trade between the two nations. While both sides agreed to reduce tensions, the truce has remained tenuous.
Trump had previously said he would visit China next year and planned to press Xi on Chinese purchases of U.S. soybeans, a key concern for American farmers who helped secure his 2024 election victory but have suffered from trade war fallout.
The president also questioned whether Beijing timed its announcement to overshadow the Gaza ceasefire agreement he brokered this week between Israel and Hamas.
Earlier Friday, China announced it would impose "special port fees" on U.S.-operated and U.S.-built ships, responding to charges Washington levied against Chinese-linked vessels in April.
Trump said other countries had contacted the United States expressing frustration over China's "great Trade hostility, which came out of nowhere."
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