US President Donald Trump has said he sees "no reason" to meet with Chinese leader Xi Jinping now, and threatened to "significantly increase" duties on goods from China over export controls Beijing wants to impose on rare earth metals from the country.

"I was supposed to meet Xi Jinping in two weeks at the APEC summit in South Korea, but now there seems to be no reason for that," Trump wrote on social media at Truth Social on Oct. 10.

Trump's statement heralds "a new round of trade tensions between the world's two largest economies," Bloomberg notes. Against this background, investors preferred to reduce risks and dump shares. The Dow Jones Industrial Index was down 0.3% at the time of publication, the S&P 500 was losing about 0.6%, and the Nasdaq Composite fell the most - by 0.9%. The VIX, known as Wall Street's "fear" index, jumped nearly 10%.

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This article was AI-translated and verified by a human editor

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