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President Donald Trump threatened a “massive” increase in tariffs on Chinese imports to counter China’s new rare‑earth export controls, and threatened to cancel an upcoming meeting with Xi Jinping. In a Truth Social post, he said China should not hold the world “captive,” and stocks fell after his remarks. China, which supplies about 70% of rare earths, will require licenses for products with over 0.1% Chinese‑sourced material or made using its extraction, refining, magnet‑making or recycling technology starting Dec. 1. Trump said he hasn’t spoken with Xi and claimed other nations are angry.

Prepared by Christopher Adams and reviewed by editorial team.