Trump’s Warning on Tariff Increase and Cancelation of Xi Meeting Heighten US-China Tensions

President Trump, scheduled to meet with Chinese President Xi Jinping in three weeks in South Korea, publicly accused China of holding the global economy hostage on social media. This came after Beijing expanded its rare earth export controls. The comments made by Trump indicate a significant rupture in relations between the two countries, sparking concerns about the survival of an economic detente between the world’s largest factory and consumer, Beijing and Washington, respectively.