U.S. President Trump appears to cancel Xi meeting while threatening "massive tariffs"

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U.S. President Donald Trump says "there seems to be no reason" to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea amid rare earth exports rows.

Trump also suggested that he was looking at a "massive increase" of import taxes on Chinese products.

"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 posted on his Truth Social platform. 

"There are many other countermeasures that are, likewise, under serious consideration," he added.

"I have not spoken to President Xi because there was no reason to do so," Trump posted. "This was a real surprise, not only to me, but to all the Leaders of the Free World."