President Trump threatened to cancel his upcoming meeting with President Xi Jinping after China announced plans to restrict access to minerals critical to American industry.

Why it matters: The U.S.-China trade relationship was already tense ahead of a planned meeting between the world leaders in South Korea, and China's latest move threatens to reignite the countries' trade war.

What he's saying: "One of the Policies that we are calculating at this moment is a massive increase of Tariffs on Chinese products coming into the United States of America," Trump said on Truth Social Friday. "There are many other countermeasures that are, likewise, under serious consideration." • Trump said the new restrictions were "a rather sinister and hostile move" that sought to hold the world "captive."

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