Gyeongju: U.S. President Donald Trump announced that there seems to be “no reason” to proceed with a planned meeting with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea later this month. This statement comes amidst rising tensions due to China’s recent imposition of export controls on rare earth elements.
According to Yonhap News Agency, Trump expressed his dissatisfaction regarding China’s move in a social media post, highlighting that these export controls are perceived as a hostile action. The APEC summit, scheduled to take place in Gyeongju from October 31 to November 1, was initially expected to be a platform for Trump and Xi to engage in discussions. However, Trump’s latest remarks suggest a shift in this plan, citing the unexpected trade move by China as a significant factor.
Trump elaborated on China’s export control efforts, describing them as “very strange things” and indicating that China is attempting to impose these controls on “each and every element of production” related to rare earths. He expressed concern that this could disrupt global markets and create difficulties for many countries worldwide, including China itself. Trump’s comments also alluded to communication from other nations expressing anger over China’s actions.
Despite having maintained a favorable relationship with China over the past six months, Trump indicated that the current trade situation is surprising and concerning. He accused China of attempting to “hold the world captive” through its control over rare earth elements, which he claims are part of a larger strategy to establish a monopoly.
In light of these developments, Trump mentioned reconsidering his planned meeting with Xi at the APEC summit, suggesting that there is no longer a compelling reason to proceed. Additionally, he stated that his administration is evaluating potential responses, including a “massive increase” in tariffs on Chinese products entering the United States as a countermeasure to China’s actions. Other countermeasures are also reportedly under consideration.