Washington, Oct 10 (AP) US President Donald Trump said Friday that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry.

The Republican president suggested that he was looking at a “massive increase” of import taxes on Chinese products in response to Xi's moves.

“One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America,” Trump posted on his Truth Social platform. “There are many other countermeasures that are, likewise, under serious consideration.” The United States and China have been jockeying for advantage in trade talks, after the import taxes announced earlier this year triggered a trade war between the world's two largest economies.

Both nations agreed to ratchet down tariffs after negotiations in Switzerland and the United Kingdom, yet tensions remain as China has sought to restrict America's access to the difficult-to-mine rare earth's needed for a wide array of US technologies.

Trump said that China is “becoming very hostile” and that it's holding the world “captive” by restricting access to the metals and magnets used in electronics, computer chips, lasers and other technologies.

“I have not spoken to President Xi because there was no reason to do so," Trump posted. "This was a real surprise, not only to me, but to all the Leaders of the Free World.” (AP) SCY SCY

China rare earth export restrictions prompt US leader to consider cancelling a summit and imposing massive import tariffs. China's export restrictions on rare earths used in advanced technologies prompted the US President to signal possible cancellation of a bilateral meeting and to propose a potential massive increase of import tariffs on Chinese products, while indicating additional countermeasures are under serious consideration as part of broader trade responses.