Chinese President Xi Jinping has drawn a clear red line in a bid to stem new US exports controls, threatening to reignite a tit-for-tat trade spiral with Donald Trump just weeks before a planned meeting between the leaders of the world’s biggest economies.
After China unveiled wide-ranging global export controls on products containing even traces of certain rare earths this past week, Trump fired back by threatening to cancel a planned in-person meeting with Xi — their first in six years. The US leader also announced plans to double tariffs on Chinese goods to 100%, along with sweeping curbs on “any and all critical software.”