If China Does Not Provide Magnets, I Will Impose a 200 Percent Tariff, Trump's Strong Threat
China has 90 percent of the world’s magnet market, which plays an important role in the production of modern technology and smartphones
Washington: US President Donald Trump has warned that if China does not provide magnets to the United States, a tariff of up to 200 percent will be imposed on Beijing.
According to media reports, in a conversation with journalists, Trump said that we have the power of tariffs, if we impose 100 or 200 percent tariffs, there will be no business with China, and if we have to do so, we will have no problem.
He added that both the United States and China have power on the issue of magnets, but the United States has options that can cause huge damage to China if used.
It should be noted that China has 90 percent of the world’s magnet market, which plays an important role in the production of semiconductor chips, modern technology and smartphones.
In April, China added rare earth minerals and magnets to its list of export restrictions as a countermeasure.
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