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US President Donald Trump on Friday accused  China of turning “very hostile” and sending letters to countries around the globe outlining plans to impose sweeping export controls on rare earth elements and other critical materials. In a lengthier-than-usual post on social network Truth Social, the 47th American president alleged that China's “sinister and hostile move" could “clog global markets” and make the situation more difficult for almost every country.

Trump also wrote that Beijing's communication lists “each and every element” it wants to restrict, including materials that are "not even manufactured in China", claiming that several nations have reached out to the United States over what they view as sudden trade aggression by the world's second-largest economy.

Stating that "nobody has seen anything like this", Trump wrote that the development comes despite six months of what he described as a “very good” relationship with China, and said he believes China has been “lying in wait". The American president  accused the Asian country of trying to hold the world “captive” through its control of rare earths and magnets. 

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The US president warned that America holds “much stronger monopoly positions” but has so far chosen not to use them "UNTIL NOW!”

Trump is scheduled to make an announcement from the Oval Office at 5 pm EDT Friday (2:30 am in India Saturday). 

In his Truth Social post, Trump hinted at a “massive increase of tariffs on Chinese products” as part of Washington’s potential countermeasures. 

“Dependent on what China says about the hostile order they have just put out, I will be forced to financially counter their move,” he wrote.

He also mentioned other retaliatory steps are also being considered.

According to the post, Trump has no plans to meet Chinese President Xi Jinping at the upcoming APEC summit in South Korea. Trump concluded by writing that, though the confrontation could be “painful", it would ultimately be “a very good thing for the USA".

ALSO READ: Trump set to make a big statement from Oval Office?

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