Trump threatens to raise tariffs on Chinese goods
President Trump just warned of a "massive increase" in tariffs on Chinese goods, saying China is "becoming very hostile" and holding the world "captive" by limiting access to rare earth minerals.
He posted this on Truth Social and hinted that more countermeasures could be coming.
China recently announced stricter controls over exporting rare earth minerals
China recently announced stricter controls over exporting rare earth minerals—key ingredients for stuff like electronics, computer chips, lasers, and magnets.
Now, China has restricted exports of products containing these minerals.
The US relies heavily on these materials for its tech industry.
These new export rules have ramped up US-China trade tensions
These new export rules have ramped up US-China trade tensions, which were already rocky after both sides slapped tariffs on each other earlier this year.
Some tariffs got rolled back after talks in Switzerland and the UK, but now things are heating up again as Trump considers his next move.