China slapped new port fees on U.S. ships, and started an antitrust investigation into Qualcomm Inc., the latest in a string of tit-for-tat moves as Presidents Xi Jinping and Donald Trump jockey for leverage before a key meeting to discuss trade and other issues.

Beijing’s Transport Ministry announced October 10 that it will begin collecting fees on vessels owned by U.S. companies and individuals, as well as those built in America, starting October 14. The move coincides with the date Washington plans to impose new charges on large Chinese ships calling at U.S. ports. 

Separately, China’s market regulator opened an anti-monopoly investigation into Qualcomm over its acquisition of Israel’s Autotalks Ltd. Shares of the U.S. tech giant were little changed at 9:46 a.m. in New York on October 10.

The measures add to Beijing’s move this week to tighten export controls on rare earths and other critical materials, as well as its ongoing halt on U.S. soybean purchases, escalating pressure on American farming communities that largely voted for Trump in 2024. 

Beijing’s unexpected volley followed a flurry of steps by the Trump administration targeting the world’s No. 2 economy. Besides the planned ship levies, officials in Washington have reportedly in recent days proposed barring Chinese airlines from flying over Russia on flights to and from the U.S., and expanded sanctions to further prevent the likes of Huawei Technologies Co. accessing restricted U.S. goods.

Read More: China Imposes New Export Controls on Rare Earths

Taken together, the latest moves suggest both sides are lining up bargaining chips ahead of a leaders’ meeting this month on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea. Meanwhile, a truce in a tariff fight that at one point saw U.S. levies surge to as high as 145% is set to expire November 10, unless extended.

“This hardball approach is somewhat risky and will complicate talks with the U.S., even if it ultimately pays off,” Julian Evans-Pritchard, head of China economics at Capital Economics, wrote in a report. 

While the timing of the curbs “may be opportunistic, we suspect the new controls are mostly motivated by medium-term geo-strategic goals,” he added, characterizing the move as an attempt by Beijing to hold back foreign competitors in areas where the Asian giant wants to retain a leading role.

The danger for Trump and Xi is the path to finding an off-ramp becomes even more precarious if the U.S. responds in kind. The Republican president already threatened to bring some of his own leverage to bear when he meets Xi, suggesting, without offering specifics, that he might restrict the sale of certain products to China. 

“We import from China massive amounts,” Trump told reporters. “You know, maybe we’ll have to stop doing that, but I don’t know exactly what it is. Neither do you. Neither does anybody.”

Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick would work on the issue, he added, without elaborating.

China’s control of the rare earth sector gives it key leverage in negotiations, with curbs now announced on all but five of the 17 metallic elements.

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Beijing’s addition of five mid- and heavy rare earths to its export controls, on top of the seven already restricted, underscores how these materials have become a flashpoint with trade partners beyond Washington. South Korea, Japan, the U.S., Germany and Canada are the top five buyers of the five newly added minerals, according to China’s customs data compiled by Bloomberg. 

Delays in processing export permits for rare earths earlier this year caused major headaches for companies in Europe and Asia. Rolling out sweeping new curbs will likely unleash a bureaucratic burden for officials that could reignite tensions, if more hold-ups ensue and threaten to halt production lines.

Heavy rare earths are almost exclusively produced by China, and are essential for advanced technologies, powering high-performance magnets, semiconductors, and precision military systems. China wields disproportionate influence over downstream industries with its dominance of the complex separation and refining capacity.

Xi’s ability to inflict further pain, however, might be limited. The five elements still exempt from China’s controls are largely light rare earths, which are more abundant, easier to mine and refine, and less strategically constrained than their heavier counterparts.

Despite the hostilities, Beijing has signaled a willingness to re-engage with Washington. Speaking on the sidelines of the United Nations General Assembly in New York last month, Premier Li Qiang said the two giant economies “can and should become friends and partners.” 

China is also pushing the Trump administration to roll back national security restrictions, reportedly floating a potential $1 trillion in investments. That would dwarf commitments from the European Union, Japan and South Korea.

A resumption in Chinese purchases of U.S. farm goods is perhaps the easiest concession Beijing can make. “He’s got things that he wants to discuss with me,” Trump told reporters at the White House on Thursday, “and I have things that I want to discuss with him. And one of the things is soybeans.” 

From the U.S. side, lowering the 20% tariff on Chinese goods related to the opioid crisis could be a low-cost card for Trump to play. 

Key talking points could also range from export controls and China’s purchase of U.S. goods to its opening up of the services sector, Citigroup Inc. economists including Yu Xiangrong wrote.

“Both U.S. and China could be strengthening their leverage in trade talks,” they said. “The tariff truce between the two countries, though fragile, could continue, as a hard trade decoupling was shown to be undesirable for both sides earlier this year.”