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President Donald Trump threatened to cancel an expected meeting with China’s Xi Jinping after Beijing tightened rare‑earth export rules, accusing China of “becoming very hostile” and warning of a “massive” tariff hike. The S&P 500 fell about 1.4% in late‑morning New York trading. China opened a monopoly probe into Qualcomm and announced new port fees for ships with U.S. ties. Brookings fellow Jonathan Czin said Xi is seeking to shape upcoming talks in a fragile détente, noting the rare‑earth directive hasn’t taken effect yet.

Prepared by Lauren Mitchell and reviewed by editorial team.