Shafaq News– Washington
On Friday,US President Donald Trump accused China of “weaponizing” rare earth exports,vowing to retaliate with new tariffs.
In a post onTruth Social, Trump said Beijing had sent letters to multiple governmentsdetailing plans to restrict exports of rare earth elements and other keymaterials, a move he described as “hostile" and meant to “hold the world captive.”
He said themove came “out of nowhere” despite recent progress in US–China relations, andannounced the cancellation of his planned meeting with Chinese President XiJinping at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.“We have stronger monopoly positions than China, I just never chose to usethem. Until now."
Chinasupplies more than 70% of the world’s rare earth elements, essential forelectronics, electric vehicles, and defense systems. The US has sought todiversify through domestic production and allied partnerships, though supplychains remain far smaller than China’s.
Gold jumpedagain while global stocks and oil prices fell amid fears that Trump’s commentscould reignite a full-scale trade war.
Read more: China to impose fees on US ships in retaliation for American charges
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