Trump threatens ‘massive increase’ in China tariffs, sees ‘no reason’ to meet Xi | World News - The Indian Express skip to contentAdvertisementHe said there was “no reason” to proceed with the meeting that he had previously announced — one that Beijing had never publicly confirmed.By: Express Web Desk New Delhi,October 10, 2025 10:22 PM IST First published on: Oct 10, 2025 at 10:14 PM IST ShareWhatsapptwitterFacebookPresident Donald Trump, left, shakes hands with China's President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka. (AP)US President Donald Trump on Friday threatened to sharply increase tariffs on Chinese imports and cancel a planned meeting with President Xi Jinping, in a broadside that sent markets and relations between the world’s two largest economies into a tailspin.Trump, who was due to meet Xi in about three weeks in South Korea, accused Beijing on Truth Social of “holding the global economy hostage” after China dramatically expanded its export controls on rare earth materials on Thursday.“I never thought it would come to this but perhaps, as with all things, the time has come,” Trump wrote, claiming: “Ultimately, though potentially painful, it will be a very good thing, in the end, for the USA.”He said there was “no reason” to proceed with the meeting that he had previously announced — one that Beijing had never publicly confirmed. Trump also warned of a “massive” tariff hike on US imports from China, raising fears of a renewed tit-for-tat trade war that both sides had paused earlier this year after months of delicate diplomacy.“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. There are many other countermeasures that are, likewise, under serious consideration.”In his post, Trump said China had sent letters to other countries indicating plans to impose export controls on “every element of production related to rare earths.”“Dependent on what China says about the hostile ‘order’ that they have just put out, I will be forced, as President of the United States of America, to financially counter their move,” Trump wrote on Truth Social. “For every element that they have been able to monopolize, we have two.”He added: “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.”The President’s comments immediately rattled financial markets. The benchmark S&P 500 index slid 2%, while investors flocked to safe havens, pushing US Treasury yields lower and lifting gold prices. The dollar weakened against a basket of major currencies.China’s latest move added five new elements to its export control list and increased scrutiny on semiconductor manufacturers. It also placed dozens of refining technologies under new restrictions and required foreign producers using Chinese rare earths to comply with its rules.Most ReadChina accounts for more than 90% of the world’s processed rare earths and magnets, which are critical components in products ranging from electric vehicles to aircraft engines and military radar systems.Trump earlier this year, repeatedly hiked US tariffs on Chinese goods, amid spiraling tensions between the two countries, to a peak of 145 per cent. Beijing hit back, raising its own tariffs on US exports to 125 per cent.But after talks between officials, US tariffs on Chinese products fell to 30 per cent, while Chinese tariffs on US goods dropped to 10 per cent.AdvertisementAdvertisementLoading Taboola...SubscribeSign InJournalism of CourageTop CategoriesLATEST STORIESTrump threatens ‘massive increase’ in China tariffs, sees ‘no reason’ to meet XiTrump blasts Spain for being NATO’s spending ‘laggard.’ Madrid replies that it is a ‘loyal’ allyHimachal Pradesh CM says diverting state machinery for panchayat poll work will affect disaster reliefAid groups prepare to provide quick relief to Gaza under ceasefireNetanyahu promises to return to war if Hamas disarmament is not ‘achieved the easy way’‘Hrithik Roshan and I would get our makeup done by sitting on the bonnet of a car for Fiza,’ recalls Anup Soni: ‘After Kaho Naa Pyaar Hai, he got a vanity van’MNS to join MVA protest against corruption in Thane Municipal Corporation on October 13Equity mutual fund inflows dip 9% to Rs 30,421.69 crore in September: AMFI dataAryan Khan made a short film with his sister Suhana Khan and father Shah Rukh Khan, was experimenting with VFX at the age of 10: ‘I always felt I had a lot of things to say’Sena UBT trains guns on Ramdas and Yogesh Kadam on licence approvalExercise Konkan boosted India-UK integration as blue water carrier navies: UK Carrier Strike Group CommanderAfghan man with AK-47 face tattoo found guilty of threatening to kill Nigel FarageDay after TBSE exam fee hike announcement, ABVP joins Opposition in demanding rollbackNearly 2 months after Aug 20 stabbing incident, offline classes resume in full at private schoolHow the popular ‘chai-sutta’ combination affects the bodyYuvraj Singh’s father Yograj kept wife under lock and key: ‘No leaving house without my permission, no visits from your relatives’