The United States will also impose its own controls on exports of strategically important software, starting November 1, Trump added in a message on his Truth Social network.
Hours earlier, Trump stated that he no longer considered a summit with his Chinese counterpart, Xi Jinping, necessary, and harshly criticized Beijing for its “very hostile” trade practices and threatened to further increase tariffs on the Asian power.
“Very strange things are happening in China! It is becoming very hostile,” Trump declared in a lengthy post on his Truth Social network, in which he harshly criticized China’s imposition of controls on the export of rare earths, essential for the manufacture of technological components.
“I was scheduled to meet with President Xi in two weeks, at APEC, in South Korea, but now it seems there is no reason to do so,” he added in the publication, which he prepared while on his way to a medical check-up at a military hospital near Washington.
The New York Stock Exchange registered a sharp drop this Friday, reacting with fear to President Donald Trump’s threat to substantially increase US tariffs on Chinese products.
The Dow Jones fell 1.90%, while the Nasdaq fell 3.56%. The benchmark S&P 500 index lost 2.71%, its biggest one-session drop since the chaos caused in April when Trump announced his tariff war.
With information from AFP
