The stock market has tanked after Donald Trump threatened new tariffs on China, warning that the relationship had turned ‘very hostile.’
The Dow Jones Industrial average lost more than 270 points. The S&P 500 plunged by 0.8 percent and the Nasdaq Composite fell 1.2 percent.
‘Some very strange things are happening in China,’ Trump wrote on Truth Social. ‘They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths.’
The president accused Chinese president Xi Jinping of attempting ‘to hold the world captive’ through a ‘monopoly position.’
‘A rather sinister and hostile move, to say the least,’ Trump added.
The commander-in-chief threatened to wield America’s own monopolies as leverage against China.
‘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,’ he added.
Donald Trump, left, shakes hands with China’s President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, June 29, 2019
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