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 on Truth Social, Trump said Beijing had sent letters to multiple governments detailing plans to restrict exports of rare earth elements and other key materials, a move he described as “hostile" and meant to “hold the world captive.”

He said the move came “out of nowhere” despite recent progress in US–China relations, and announced the cancellation of his planned meeting with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea. “We have stronger monopoly positions than China, I just never chose to use them. Until now."

China supplies more than 70% of the world’s rare earth elements, essential for electronics, electric vehicles, and defense systems. The US has sought to diversify through domestic production and allied partnerships, though supply chains remain far smaller than China’s.

Gold jumped again while global stocks and oil prices fell amid fears that Trump’s comments could reignite a full-scale trade war.

Read more: China to impose fees on US ships in retaliation for American charges