Seoul: U.S. President Donald Trump announced on Friday that he sees “no reason” to proceed with a planned meeting with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation (APEC) summit in South Korea. The move follows China’s implementation of export controls on rare earth elements.
According to Yonhap News Agency, Trump shared his decision through a social media post, where he initially mentioned a scheduled meeting with Xi in Gyeongju, South Korea, during the APEC summit set for October 31 to November 1. Trump’s statement highlighted his administration’s contemplation of “countermeasures,” including a potential “massive” increase in tariffs on Chinese goods, in reaction to China’s export restrictions.
The announcement throws the anticipated meeting between Trump and Xi into doubt, with trade issues expected to dominate the agenda. The outcome of the meeting now depends on China’s response to the situation. Trump claimed that China has been issuing letters to various countries, announcing its plans to impose export controls on rare earths and other products, even those not manufactured within China.
Trump’s post on Truth Social suggested that such measures would disrupt global markets and complicate international relations, particularly affecting China. Rare earth elements are vital in producing electronic devices, weapons systems, and consumer technology, making China’s restrictions a sensitive issue for the U.S. and other nations.
Trump revealed that several countries have expressed their dissatisfaction with China’s actions to his administration. He emphasized that, despite the recent positive relations between the U.S. and China, this trade move was unexpected. He criticized China’s strategy of amassing a monopoly on these critical elements, describing it as a “sinister and hostile move.”
The U.S. government is evaluating potential retaliatory measures against China’s export controls. Among the options under consideration is a significant increase in tariffs on Chinese goods entering the United States, along with other possible responses.