Biden-Xi Meeting in Doubt as Trump Questions Summit's Purpose
US President Joe Biden has planned a meeting with Chinese President Xi Jinping in South Korea to keep diplomatic channels open despite ongoing tensions. However, his predecessor, Donald Trump, has raised doubts about the summit due to the ongoing trade conflict between the US and China.
Trump, speaking at the APEC meeting, questioned the purpose of the summit given the current state of US-China trade relations. He suggested that there was no immediate reason for the meeting to take place.
The potential cancellation of the meeting comes as markets react to the ongoing trade tensions. The Dow Jones Industrial Average fell by 0.4 percent, while the DAX and the EuroStoxx 50 were both down more than one percent. Trump's threat of a 'massive increase' in tariffs on Chinese goods has added to the uncertainty.
Trump also criticized China's expansion of export restrictions on rare earths, a move he sees as an attempt to gain leverage in the trade dispute.
The planned meeting between Joe Biden and Xi Jinping remains uncertain due to Trump's doubts. Markets have reacted to the ongoing trade tensions, with major indices experiencing losses. Trump's criticism of China's rare earths policy further escalates the situation, leaving the outcome of the potential summit in question.
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