President Donald Trump threatened China with a "massive" increase in tariffs and other economic countermeasures a day after the Chinese government announced new trade limits on crucial rare earth elements and related technologies.

"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 on Truth Social.

The leaders of the world's two largest economies were expected to announce a full-fledged trade deal at the APEC meeting.