President Trump. UPI=Yonhap News. 

U.S. President Donald Trump criticized China's move to control rare earth exports on the 10th (local time), stating, "I was scheduled to meet with President Xi Jinping at the APEC (Asia-Pacific Economic Cooperation) summit in South Korea in two weeks, but now it seems there is no reason to do so."

President Trump said on social media platform Truth Social that day, "Very strange things are happening in China. They are becoming very hostile, sending letters to countries around the world notifying them that they will impose export controls on all elements related to the production of Rare Earths."

He added, "No one has ever seen anything like this. They are trying to 'clog' the market and effectively make life difficult for every country, especially China itself."

President Trump remarked, "We are being contacted by other countries that are very angry about this sudden act of trade hostility," and noted, "Since our relationship with China has been very good for the past six months, this move by China is even more unexpected."

He emphasized, "China must never be allowed to hold the whole world 'captive.'"

President Trump criticized the move as "a very ominous and hostile action," stating, "From magnets to other raw materials they have quietly hoarded to gain a sort of monopoly, it seems they have been planning this for quite some time."

He further wrote, "The U.S. also has a monopoly, and it is much more powerful and extensive than China's. I have simply chosen not to use it, and I had no reason to use it—until now!"

President Trump wrote, "The letters they sent (to various countries) were long and multi-paged, detailing very specifically every single element they intend to withhold from other nations," adding, "Things that were routine before are no longer routine."

He also stated, "The letters sent by China were even more inappropriate because they came on the very day peace arrived in the Middle East after 3,000 years of turmoil and war," and added, "I wonder if this timing is a coincidence."

The day President Trump referred to appears to be the 8th (U.S. time), when Israel and Hamas agreed to the first phase of a Gaza ceasefire deal brokered by President Trump.

President Trump also noted, "I have not spoken to President Xi. There was no reason to," adding, "This was a real surprise not only to me but to every leader in the free world."

President Trump stated, "Depending on what they have to say about this hostile 'order' China just issued, as U.S. President, I will be forced to respond financially to their actions."

He added, "For every element they can monopolize, we have double. I never thought this situation would come, but as with all things, perhaps the time has come," and concluded, "It could be potentially painful, but in the end, it will be good for the United States."

He revealed, "One of the policies we are currently reviewing is a massive increase in tariffs on Chinese goods entering the U.S.," adding, "Likewise, many other countermeasures are being seriously considered."

President Trump was expected to visit South Korea around the 29th, following stops in Malaysia and Japan. He had previously stated that he intended to meet with President Xi on the sidelines of the APEC meeting in South Korea to discuss trade issues, including tariffs.

With President Trump strongly opposing China's move to control rare earth exports, ominous clouds appear to be gathering over U.S.-China relations.

The U.S. and China engaged in a "tariff war" by racing to raise tariff rates last April, but at their first trade negotiations held in Switzerland last May, they agreed to lower tariff rates by 115 percentage points each, and have since been extending this agreement every 90 days to continue negotiations. This U.S.-China "tariff truce" is set to expire in November.

Under these circumstances, with President Trump expressing strong criticism of China's rare earth export controls and hinting that he might not meet with President Xi, it appears that, depending on China's follow-up measures or stance, one cannot rule out the possibility that the meeting between the two leaders at the APEC summit could be called off, and that U.S.-China relations could plunge back into a phase of intense conflict.

Yonhap News