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Trump says China has to give US magnets or face 200% tariff
President Trump warned China that failure to supply rare earth magnets, which represent 90% of the global market, could trigger 200% tariffs amid trade tensions.
- On Monday, President Donald Trump warned Beijing it must supply rare earth magnets or face tariffs as high as 200 percent during a Washington meeting with South Korean President Lee Jae Myung, referencing talks with Xi.
- Earlier this year, punitive tariffs disrupted global supply chains, but in May Washington and Beijing scaled U.S. duties to 30 percent and China cut its levies to 10 percent.
- Data show Beijing dominates the magnet market and chips rely on those materials; Beijing supplies about 90 percent of the global magnet market, crucial for Intel, and rare earth exports surged in July by more than 4,700 tonnes.
- An executive order extended the 90-day tariff deadline as President Donald Trump signed it to allow more negotiations, preventing tariffs from jumping to 145 percent.
- Amid talks that showed signs of easing, the tariff threat persists as President Donald Trump voiced warming ties with Beijing and said, `At some point, probably during this year or shortly thereafter, we’ll go to China`.
67 Articles
67 Articles
The phantoms about the trade war reappear and once again the protagonist is Donald Trump. Of course, because the Republican warned about much more severe tariffs on China if that country limits the export of rare earth magnets, a strategic component in numerous technologies. “They have to give us magnets. If they don’t give us magnets, then we have to charge them tariffs of 200% or something,” Trump told reporters after a meeting with South Kore…
Trump threatens 200% tariff hike for China if no rare-earth magnets supplied
The US president threatened Beijing with a steep tariff increase if the country did not supply rare-earth magnets, which are crucial for a range of products, such as smartphones and electric vehicles, to Washington.
Trump Threatens China with 200% Tariffs
“President Donald Trump on Monday stateside warned of steeper tariffs on China if exports of rare-earth magnets were curbed, threatening a precarious trade truce between the world’s two largest economies,” CNBC reports.Said Trump: “They have to give us magnets, if they don’t give us ma
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