WASHINGTON ‒ President Donald Trump accused China of pursuing sweeping export controls on rare-earth minerals across the world and vowed the United States will counter financially ‒ perhaps with a "massive increase of tariffs" on Chinese imports.

Trump also threatened to back out of plans to meet later this month with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation summit in South Korea.

"This was a real surprise, not only to me, but to all the Leaders of the Free World," Trump wrote in a lengthy Oct. 10 post on Truth Social. "I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so."

Trump said countries throughout the world have recently received letters from China detailing its desire to impose export controls on "each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it’s not manufactured in China." He likened the actions to China trying to "monopolize" the rare earth industry.

Trump accused China of "great Trade hostility" and said the move "came out of nowhere," even though China and the U.S. have engaged in a months-long trade war during Trump's second term.

"Our relationship with China over the past six months has been a very good one, thereby making this move on Trade an even more surprising one," Trump wrote. "I have always felt that they’ve been lying in wait, and now, as usual, I have been proven right!"

Trump said he will be "forced, as President of the United States of America, to financially counter their move." He said his administration is considering a "massive increase of Tariffs on Chinese products" into the United States as one possibility. He said additional countermeasures are under consideration but did not specify what they could be.

"For every Element that they have been able to monopolize, we have two," Trump wrote. "I never thought it would come to this but perhaps, as with all things, the time has come. Ultimately, though potentially painful, it will be a very good thing, in the end, for the U.S.A."

Trump says China is looking to 'hold the world captive'

Trump has imposed sweeping tariffs on imports from countries across the world in his second term. China was initially targeted with the steepest tariffs, but the Trump administration and China in August agreed for the second time to extend a tariff truce for 90 days, staving off triple-digit duties on imports that both countries have threatened on the other.

Trump signed an order preventing U.S. tariffs on Chinese goods from shooting up to 145%, while Chinese tariffs on U.S. goods were set to hit 125% − rates that would have resulted in a virtual trade embargo between the two countries. The truce locked in place a 30% tariff on Chinese imports, with Chinese duties on U.S. imports at 10%.

Trump last spoke to Xi on Sept. 19. After their phone call, Trump announced a deal for Bejing-based TikTok to sell its U.S. operations to a new American-based business venture.

In his social media post, Trump said China would not be allowed to "hold the world 'captive,'" but added that's what they plan to do with rare-earth magnets and elements that they have "quietly amassed into somewhat of a Monopoly position." He called the strategy "a rather sinister and hostile move, to say the least."

"But the U.S. has Monopoly positions also, much stronger and more far reaching than China’s. I have just not chosen to use them, there was never a reason for me to do so — UNTIL NOW!" Trump wrote.

Trump also questioned the timing of China's letters because it comes as he helped orchestrate a peace deal between Israel and Hamas. "I wonder if that timing was coincidental?"

Contributing: Reuters

Reach Joey Garrison on X @joeygarrison.

This article originally appeared on USA TODAY: Trump threatens China with 'massive' tariff hike, sees 'no reason' to meet with Xi

Reporting by Joey Garrison, USA TODAY / USA TODAY

USA TODAY Network via Reuters Connect