The stock market is reacting to President Donald Trump's latest comments on social media about tariffs against China. CBS News' Natalie Brand reports.

Washington

The Dow Jones Industrial Average experienced a notable decline following a social media post by President Trump threatening to impose new tariffs on Chinese imports. The president's statement was in response to China's recent communications regarding export controls on rare earth minerals, which are vital for various industries including technology and defense.

The White House has been engaged in trade negotiations with China, and the president's threat marks a potential escalation in the ongoing dispute. President Trump also indicated uncertainty about a planned meeting with Chinese President Xi at the upcoming Asia Pacific Economic Cooperation Summit. Meanwhile, the president attended a scheduled visit to Walter Reed Medical Center for a routine checkup, with the White House maintaining that he remains in good health.

Dow slides after Trump threatens more China tariffs

Let's take a live look at the Dow that has taken a pretty sharp dip this morning after starting in positive territory. The markets seem to be reacting to a truth social post from President Trump that threatens higher tariffs on China. The president put out a lengthy truth social post and the Dow keeps going down since this. In part, this is what the president had to say. It's right there on your screen. Dependent on what China says about the hostile order that they have just put out, I will be forced as president of the United States of America to financially counter their move. He then warns for every element that they have been able to monopolize, we have two. He concludes by saying, I never thought it would come to this, but perhaps as with all things, the time has come. So let's talk about this going live to Washington and CBS News correspondent Natalie Brand. So Natalie, the president just put that out on truth social. The threat is raising tariffs, essentially. What are they saying there at the White House? Yeah, and keep in mind, Reid, we've been in kind of this tariff truce with China, with these ongoing negotiations between the Treasury secretary, the U.S. trade representative and their Chinese counterparts. But now all of a sudden we have this new social media post. We have not heard verbally from the president. We've just now seen this post. And specifically, he's upset with letters that he says China has sent to other countries threatening export controls on every element of production having to do with rare earth minerals. Now, why is that important? We've been talking a lot, Reid, in recent months about these critical rare earth minerals being so important to everything from our cell phones, cars to defense. This is something, a topic that the administration has been very concerned with and fixated on, especially as they relate to these ongoing trade negotiations. So the threat of violating, I guess, what the White House had perceived was an agreement regarding rare earth minerals has set off this new threat by President Trump to impose additional new tariffs on China. There's one part of this post, which you've read, this is a very lengthy post, but he threatens calculating countermeasures, including tariffs, massive tariffs on Chinese products coming into the United States, and that there are many other countermeasures that are under serious consideration. Now, he also notes that he was scheduled to meet with President Xi in about two weeks at APEC, that's the Asia Pacific Economic Cooperation Summit, which will be taking place soon in South Korea, and he says, quote, now there seems to be no reason to do so. And it would seem the markets are reacting. I want to also ask you about this in advance of his planned trip to the Middle East. We understand the president is over at Walter Reed Medical Center. What do you know about that? Yeah, so this, he says, the White House says was a planned meeting and remarks with troops. But while he's there, he's also going to be having what the White House says will be a routine checkup. But it comes, Reed, just six months after an annual checkup at Walter Reed Medical Facility, not too far from the White House. The White House at that time said that there were no abnormalities. He's in good health. He's, of course, 79 years old. But then remember, over the summer, there were photographs and we could visibly see some bruising on his hands. And also there were photographs of swollen ankles. The White House later revealed that the president has chronic venous insufficiency, which is a common condition, but and can involve some swelling. But outside of that, the White House said that he is in excellent health. Otherwise, now the president, when asked more about today's visit, said that he thinks he's in great shape, but he'll let us know, Reed. Natalie Brand, with all the late breaking details there from the White House and for our viewers at home, we just want to let you know we'll continue watching the performance of the Dow Jones Industrial Average throughout this afternoon. We appreciate you, Natalie. Good to see you on a Friday.

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