The US president is changing again, as he said in a post on Truth Social no longer reason to meet with the president in two weeks in South Korea, as planned.
As he said in a post on Truth Social that the US is calculating a massive increase in tariffs on Chinese imports, while arguing that China has sent letters to countries around the world, clarifying that it plans to impose export controls throughout the production associated with rare land.
“No one has seen this before, but, in essence, it will” clog “markets and make life difficult for almost every country in the world, especially for China,” he said in his post on Truth Social.
As he argued, he had not spoken to Chinese President Xi Jing because there was no reason to do so.
The Trump suspension brought almost immediately upheaval to the stock markets, with all the basic indicators of Wall Street receding vertically. Dow Jones dropped more than 400 points (-0.9%), Nasdaq fell 1.84%and the S&P 500 fell by 1.31%.
According to what is known, China added five new information and additional checks for semiconductor users, as well as dozens of processing technologies to the export control list. It also requires foreign producers of rare earths using Chinese materials to comply with its rules.
China produces over 90% of processed rare earths and magnets in the world. The 17 rare lands are vital materials in products ranging from electric vehicles to aircraft and military radar.
