President Donald Trump said there’s “no reason” to meet China’s Xi during his Asia trip and threatened a “massive” new tariff hike after Beijing tightened controls on rare earth exports. The remarks, posted on Truth Social, rattled markets, sending the S&P 500 down as much as 2%. China this week required special approvals to ship rare earths and related technologies abroad, with military-linked exports to be rejected. Trump called the move hostile and questioned its timing amid a Gaza ceasefire. Analysts warned the fragile tariff truce could unravel as both sides brandish economic leverage.

Prepared by Lauren Mitchell and reviewed by editorial team.