"China was going to hit us with rare-earth. Now, everybody says, Oh, what does that mean? Magnets. If China refused to give magnets, 'cause they have a monopoly on magnets 'cause they're allowed to happen over a 32-year period, there wouldn't be a car made in the entire world. There wouldn't be a radio. There wouldn't be a television. There wouldn't be internet. There wouldn't be anything because magnets are such a part."
"And not overly sophisticated, but to build magnet system would take two years. So if I weren't able to say to China, Look, if you're gonna do that to us, we're gonna charge you a 158% tariff. It was 100% on top of 58%. And China called up immediately and, Listen, we will make peace. And we made peace. We made a great deal. We made an unbelievable deal. China's paying tariffs to the United States."
President Donald Trump claimed that China's control of rare-earth elements and magnets could halt global manufacturing, saying cars, radios, televisions, and the internet rely on magnets. He asserted that building a magnet system would take two years and that a 158% tariff threat led China to agree to pay tariffs to the United States. The statement repeated an incorrect premise that exporters pay tariffs; tariffs are paid by importers and are typically passed on to consumers as higher prices. The president has previously made erroneous technical claims about magnets, including that water can render them ineffective.
Read at www.mediaite.com
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