President Donald Trump has warned of a potential tariff hike on Chinese rare-earth magnets, a move that could jeopardize the ongoing trade truce between the U.S. and China.
Trump Threatens Steep Tariffs If China Limits Magnet Exports
Trump, on Monday, cautioned that if China restricts its rare-earth magnet exports, the U.S. would consider imposing a 200% tariff, reported CNBC. Trump’s statement comes at a time when China’s rare-earth magnet exports have rebounded to pre-export curb levels set in April.
“They have to give us magnets, if they don’t give us magnets, then we have to charge them 200% tariffs or something,” Trump stated to the press.
Trump emphasized the crucial role of airplane parts in challenging Beijing’s dominance over rare earths. He mentioned, “200 of their planes were unable to fly because we were not giving them Boeing parts purposely because they weren’t giving …