Trump threatens big taxes if China stops magnet exports
President Trump said he will put 200% taxes on Chinese products if China doesn't export magnets to America.
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President Trump warned China about stopping magnet exports to the US. He said America will put very high taxes on Chinese products if this happens. Trump talked about this during a meeting with South Korea's president.
China makes about 90% of the world's magnets. America needs these magnets for making cars, electronics, and clean energy products. China's magnet exports to America went up a lot in recent months.
The two countries made a trade agreement in June, but it will end in November. Chinese and American trade officials will meet this week to talk about solutions.
Original Article
cnbc.comhttps://www.cnbc.com/2025/08/26/trump-tariffs-china-rare-earth-magnets-exports.html