Trump warns of 200% tariffs on China over rare-earth magnet exports
Trump threatened to impose 200% tariffs on Chinese goods if Beijing restricts exports of rare-earth magnets to the United States.
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President Trump has threatened China with 200% tariffs if the country limits exports of rare-earth magnets to the US. This warning came during a White House meeting with South Korean President Lee Jae Myung.
Trump emphasized the strategic importance of these materials, noting that China controls approximately 90% of the global rare-earth magnet market. Recent data shows Chinese magnet exports to the US increased significantly, with June seeing a 660% rise and July a 76% increase.
The threat comes as both countries operate under a trade agreement established in June, which includes reduced tariffs and is set to expire in mid-November. Chinese trade negotiator Li Chenggang is scheduled to meet with US representatives this week to discuss potential solutions and the future of bilateral trade relations.
Original Article
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