The US president’s announcement comes after China pledged to impose restrictions on the export of rare earth minerals.

United States President Donald Trump has suggested he may scrap a planned meeting with his Chinese counterpart Xi Jinping this month over questions of technology and trade.

Trump and Xi had been expected to meet on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit at the end of this month, in an attempt to lower economic tensions.

But in a social media post on Friday, Trump criticised China over the new controls it announced on the export of rare earth metals. The US president also threatened China with the possibility of steep tariffs.

“I have not spoken to President Xi because there was no reason to do so. This was a real surprise, not only to me, but to all the Leaders of the Free World,” Trump said. “I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so.”

The relationship between Trump and his Chinese counterpart has been rocky, and both have imposed new measures aimed at countering each other in areas where they are competing for influence, such as technological development.

Rare earth metals are vital for such development, and China leads the world in refining the metals for use in devices like computers, smart phones and military weaponry.

On Thursday, China unveiled a suite of new restrictions on the exports of those products. Out of the 17 elements considered rare earth metals, China will now require export licences for 12 of them.

Technologies involved in the processing of the metals will also face new licensing requirements. Among the measures is also a special approval process for foreign companies shipping metallic elements abroad.

China described the new rules as necessary to protect its national security interests. But in his lengthy post to Truth Social, Trump slammed the country for seeking to corner the rare-earths industry.

“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, and virtually anything else they can think of, even if it’s not manufactured in China,” Trump wrote.

The Republican president warned he would counter with protectionist moves and seek to restrict China from accessing industries the US holds sway over.

“There is no way that China should be allowed to hold the World ‘captive,’ but that seems to have been their plan for quite some time, starting with the “Magnets” and, other Elements that they have quietly amassed into somewhat of a Monopoly position,” Trump said.

“But the U.S. has Monopoly positions also, much stronger and more far reaching than China’s. I have just not chosen to use them, there was never a reason for me to do so — UNTIL NOW!”

The Trump administration had previously imposed massive tariffs on China, one of the US’s largest trading partners.

But those tariffs were eventually eased after the two countries came to an agreement for a 90-day pause that is set to expire around November 9.

The US has previously taken aggressive steps aimed at hobbling China’s tech sector, which it views as a key competitor to its own.

“Our relationship with China over the past six months has been a very good one, thereby making this move on Trade an even more surprising one,” Trump said. “I have always felt that they’ve been lying in wait, and now, as usual, I have been proven right!”