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US President Donald Trump threatened a “massive increase” of tariffs on goods from China and to cancel an upcoming meeting with the country’s leader, Xi Jinping, citing recent “hostile” export controls Beijing placed on rare-earth minerals. 

“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,” Trump posted Friday on social media. 

The president added that one form of retaliation the US is considering “is a massive increase of Tariffs on Chinese products coming into the United States of America,” adding that “there are many other countermeasures that are, likewise, under serious consideration.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition Bloomberg's Michelle Jamrisko is in for Kailey. Joe and Michelle speak with:

• Bloomberg Washington Correspondent Tyler Kendall.
• Bloomberg Surveillance Host Tom Keene.
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School's Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
• Democratic Congressman Brad Sherman of California.
• Former Republican Congressman Patrick McHenry of North Carolina.

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