President Donald Trump has threatened massive tariff hikes on U.S. imports from China, sending stocks tumbling amid fears of another global trade war.

In a lengthy social media tirade on Friday, Trump also suggested he would pull out of an expected meeting with Chinese President Xi Jinping, accusing Beijing of “becoming very hostile” and trying to hold the world “captive” over rare earth minerals.

“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,” he wrote on Truth Social.

“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,” he added.

“There are many other countermeasures that are, likewise, under serious consideration. T

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