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Donald Trump warned that he was considering a “massive increase” in tariffs on China and suggested he could cancel his planned summit with Xi Jinping as he lashed out at Beijing’s trade policy.
The US president accused Beijing of becoming “very hostile” and cited its recent decision to impose export controls on critical minerals.
Trump said in a Truth Social post on Friday that the US had been contacted by “other Countries who are extremely angry at this great Trade hostility, which came out of nowhere”.
US stocks tumbled on Trump’s warning and Treasury yields fell.
This is a developing story
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