Overview

• China’s commerce ministry announced immediate controls on exports of technologies tied to the extraction and production of rare earths.
• Trump wrote on Truth Social that China had become "very hostile" and said he was considering a "massive" increase in U.S. tariffs on Chinese goods.
• He questioned going ahead with a planned meeting with Xi Jinping in South Korea later this month.
• U.S. stocks turned lower after the post, with the Dow down about 1.0%, the S&P 500 off roughly 1.5%, and the Nasdaq lower by around 2.1% near 15:30 GMT, while 10-year Treasury yields fell to roughly 4.06% and the 2-year to about 3.51%.
• No new U.S. tariffs were announced, and the tariff increase remains a threat rather than a formal policy.