WASHINGTON — U.S. President Donald Trump said Friday there is “no reason” to meet with Chinese leader Xi Jinping during his upcoming trip to South Korea, after Beijing imposed new restrictions on rare earth exports critical to U.S. industries.

In a post on Truth Social, Trump accused China of becoming “very hostile” and announced that his administration is considering a “massive increase” in tariffs on Chinese imports as retaliation.

“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 wrote, adding that “many other countermeasures” are under review.

The statement follows China’s decision Thursday to tighten control over the export of rare earth minerals, materials essential for electronics, semiconductors, jet engines, and renewable technologies.

Under the new measures, foreign companies must obtain special government approval for shipments, and any exports used in military products will be banned.

Beijing’s move escalates an ongoing trade standoff between the world’s two largest economies, which had agreed earlier this year to scale back tariffs following negotiations in Switzerland and the UK.

The United States currently imposes 30% tariffs on Chinese goods, while China maintains 10% duties on U.S. exports, after previous record highs that effectively froze trade.

“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump said, referring to his planned Asia tour, which includes stops in Malaysia, Japan, and South Korea.

Trump accused China of “holding the world captive” through its control of rare earth supplies, which are vital for producing computer chips, lasers, jet engines, and advanced defense systems.

“I have not spoken to President Xi because there was no reason to do so,” he added. “This was a real surprise, not only to me, but to all the leaders of the Free World.”

Trump also linked China’s move to the timing of his Gaza ceasefire announcement, suggesting—without evidence—that Beijing sought to draw attention away from his diplomatic achievement. “I wonder if that timing was coincidental?” he wrote.

The trade tensions have renewed fears of another tariff-fueled global slowdown, with both countries still at odds over rare earth access, advanced chip exports, and agricultural trade.

Economists warn that any further escalation could disrupt global supply chains and delay recovery in key manufacturing sectors. — Agencies