Trump Heads to Asia, Confirms Xi Meeting, Threatens Tariffs

President Trump is heading to Asia next week on a trip that will include stops in Malaysia, Japan and South Korea, and he announced he will meet Chinese President Xi Jinping in South Korea while cancelling a planned meeting with Vladimir Putin. He said he expects a “fantastic” trade deal but has threatened steep tariff increases — announcing an additional 100% levy and warning tariffs could reach roughly 155–157% — in response to Beijing’s tighter export controls on rare earths. Markets and investors are bracing for the trip because any breakdown could destabilize the global economy and exacerbate domestic strains such as a U.S. government shutdown. The administration also imposed sanctions on Russian energy firms Rosneft and Lukoil, and U.S. Trade Representative nominee Jamieson Greer warned China against retaliating after Beijing sanctioned Hanwha subsidiaries. Trump has again claimed credit for mediating an India–Pakistan ceasefire even as Indian officials rejected outside pressure over their Russian oil purchases, and Beijing has not publicly confirmed Xi’s attendance, leaving talks fluid and risky.