US President Donald Trump said China had violated an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals and issued a new veiled threat to get tougher with Beijing.

"China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr NICE GUY!," Trump said in a post on his Truth Social platform.

Trump said that he made a "fast deal" in mid-May with Chinese officials for both countries to back away from triple-digit tariffs for 90 days. He said he did this to save China from a "devastating" situation, factory closings and civil unrest caused by his tariffs of up to 145 per cent on Chinese imports.

Trump's message did not specify how China had violated the agreement made in Geneva, Switzerland, or what action he would take against Beijing.

Rare earths licenses 

But a US official told Reuters that it appears China was moving slowly on promises to issue export licenses for rare earths minerals. The deal called for China to lift trade countermeasures that restrict its exports of the critical metals needed for US semiconductor, electronics and defence production.

US Trade Representative Jamieson Greer told CNBC that the flow of critical minerals from China has not resumed as called for by the Geneva agreement.

"The Chinese are slow-rolling their compliance, which is completely unacceptable and it has to be addressed," Greer said, without specifying how that would happen.

Liu Pengyu, a spokesperson for China's embassy in Washington, said China has maintained communications on trade matters with US counterparts since the Geneva talks, but raised concerns about US export controls.

"Recently, China has repeatedly raised concerns with the US regarding its abuse of export control measures in the semiconductor sector and other related practices," Liu said in a statement.

"China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva."

Reuters reported earlier this week that the US has ordered a broad swath of companies to stop shipping goods to China without a license and revoked some existing export licenses, according to three people familiar with the matter.

Products affected include design software and chemicals for semiconductors, butane and ethane, machine tools, and aviation equipment, these sources said.

Spokespersons for the White House, the US Treasury and the US Trade Representative's Office did not respond to requests for comment.

China talks 'stalled'

This week, Treasury Secretary Scott Bessent told Fox News Channel that US trade talks with China were "a bit stalled" and that getting a deal over the finish line will likely need the direct involvement of Trump and Chinese President Xi Jinping.

More than two weeks after the breakthrough negotiations that resulted in a temporary truce in the trade war between the world's two biggest economies, Bessent said progress since then has been slow, but said he expects more talks in the next few weeks.

The US-China agreement to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding US complaints about China's state-dominated, export-driven economic model, leaving those issues for future talks.

No chicken 

Major US stock indexes fell again after Trump's complaint about China's compliance. Trump's social media post comes two days after a reporter infuriated him by asking for his reaction to Wall Street's new term for bets that he will back off from extreme tariff actions – the "TACO" trade, an acronym coined by a Financial Times columnist for "Trump Always Chickens Out."

Trump responded by saying it was "the nastiest question."

"I chicken out? Oh, I’ve never heard that. You mean because I reduced China from 145 per cent that I set, down to 100 and then to another number?" Trump said, later adding: 

"It's called negotiation."

Trump's tariff strategy also suffered a major setback midweek when the US Court of International Trade ruled that his broad global tariffs, including those on China, were invalid because he exceeded his authority under an emergency powers law used to back them. An appeals court has issued a temporary stay for the decision, allowing them to remain in place for now.

Japan talks 

Greer, the US trade representative, told CNBC that other countries were continuing to negotiate with the US to reduce tariffs and other trade barriers.

Japan's top trade negotiator, Ryosei Akazawa, met with Bessent and Commerce Secretary Howard Lutnick in Washington for 130 minutes on Friday during which Akazawa once again urged the US to drop its tariffs, the Japanese government said in a statement.

In their fourth round of trade talks, Japan and the US have deepened their understanding of each other's positions and made progress toward an agreement, the Japanese statement said. It added that the two sides would continue to talk ahead of the G7 leaders' summit in Canada next month where Trump and Japan's Prime Minister Shigeru Ishiba are set to meet in person.