President Trump warns of massively increased tariffs in wake of China's rare earth mineral 'monopoly position' — Xi Jinping meeting cancelled as Trump promises retaliation for Beijing's expanded export controls

President Trump has warned of significantly increased tariffs in response to China's control over rare earth minerals, leading to the cancellation of a meeting with Xi Jinping. China's recent export controls on rare earths, particularly for advanced chips, have escalated tensions. The U.S. is considering retaliatory measures, including tariffs, to counter China's actions. The dependence on Chinese rare earth minerals poses a challenge for American industries, especially in the tech sector. Efforts to reduce reliance on foreign sources, such as through the CHIPS Act, are being explored.