US President Donald Trump has warned that Washington could impose a 200% tariff on magnets imported from China unless Beijing ensures adequate supply to the United States.
“China has to give us magnets or we have to charge them 200% tariff or something,” Trump told reporters from the Oval Office, emphasising that the US still seeks a “great relationship” with China despite ongoing trade tensions.
Trump also warned China of playing "some cards" that would destroy the country. "They have some cards. We have incredible cards, but I don’t want to play those cards. If I play those cards, that would destroy China. I am not going to play those cards," the President added.
Trump’s comments were made during a meeting with South Korean President Lee Jae Myung, who was seated next to him.
US-China Tariff War
The remarks come as China tightened export controls on several rare earth materials and magnets in April, retaliating against earlier US tariff hikes. Rare earths are critical for sectors like electronics, EVs, and defence.
Earlier this month, Trump extended the tariff deadline for China by 90 days beyond the previous August 12 cutoff. Currently, Chinese imports face 30% duties, including a base rate of 10% and an additional 20% related to fentanyl-linked tariffs.
Meanwhile, Trump has also targeted India, threatening 50% tariffs on imports from August 27, citing New Delhi’s purchase of Russian oil. The move comes despite China being the largest buyer of Russian oil, which has not faced similar measures.
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