US President Donald Trump warned Beijing on Monday that it must supply rare earth magnets or face tariffs as high as 200 per cent, even as he hinted at a possible visit to China later this year.
"They have to give us magnets," he said, referencing China’s role as the leading producer of rare earth elements critical for magnets used in industries ranging from automotive to defence.
Despite the sharp warning, Trump insisted Washington would maintain a working relationship with Beijing. “We are going to have a great relationship with China... 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,” he said.
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