President Donald Trump on Friday threatened to place an additional 100 per cent tax on Chinese imports starting on November 1 or sooner, potentially escalating tariff rates close to levels that in April fanned fears of a global recession. The president expressed frustration with new export controls placed on rare earth elements by China — and said on social media that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea.

Trump later told reporters he had not cancelled his meeting. “But I don’t know that we’re going to have it,” he said during an Oval Office appearance on another subject. “I’m going to be there regardless, so I would assume we might have it.” Trump also suggested there may be time to ratchet down his steep new tariff threat. “We’re going to have to see what happens. That’s why I made it November 1,” he said.