Footwear has a new tariff headache, courtesy of U.S. President Donald J. Trump.

Trump on Friday threatened a round of “massive increase” of tariffs on Chinese imports to the U.S., according to a Truth Social post. The new threat centers on a dispute regarding rare earth minerals. Trump says that China wants to impose export controls, calling the move “Trade hostility” in the post.

He also noted in the post that America’s relationship with China over the past six months has been a “very good one,” saying this new move on trade was a “surprising one.” Trump said he was to meet with China’s President Xi Jinping in two weeks, but now suggest that the meeting might be cancelled.

Trump’s new threat sent the equity markets reeling on Friday over fears of a new tariff hike. At the close,

See Full Page