President Trump said Friday he saw no reason to meet with Chinese President Xi Jinping and threatened substantial new tariffs on Chinese goods, responding to Beijing’s latest restrictions on rare earth minerals that escalated tensions between the world’s two largest economies.

“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 on Truth Social, referring to the Asia-Pacific Economic Cooperation summit scheduled for late October in Gyeongju.

The statement came one day after China announced sweeping export controls on rare earth elements and related technologies. The new rules require foreign entities to obtain licenses to export products containing even trace amounts of Chinese rare earths or manufactured using Ch

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