United States leadership threatened to impose steep tariffs, including a suggested 200 percent rate, if China does not provide more magnets amid an ongoing trade dispute. A 90-day pause on increased tariffs was extended by executive order to allow further negotiations, averting a jump that would have taken some tariffs to 145 percent. China added several rare earth items and magnets to export restrictions in April, and controls roughly 90 percent of the global magnet market, essential for products such as semiconductor chips. Chinese rare earth exports rose sharply in July, and the US announced a 10 percent stake in Intel.
The US president's escalation comes despite a 90-day pause on increased tariffs that has already been agreed, and as negotiations between the world's two largest economies loom. United States President Donald Trump has said that China must give the US more magnets or we have to charge them 200 percent tariff or something amid a trade dispute between the two nations. The US president made the claim to reporters on Monday.
list of 4 itemslist 1 of 4list 2 of 4list 3 of 4list 4 of 4end of list China is increasingly sensitive about rare earth elements and its control over their supply, adding several rare earth items and magnets to its export restriction list in April in retaliation for tariff hikes by the US. Beijing represents 90 percent of the global magnet market, which is critical to key products, including semiconductor chips used in products like smartphones.
The remarks come after the US announced a 10 percent stake in Intel, one of the world's largest semiconductor chipmakers, which rely on rare earth materials for their products. China's exports of rare earth minerals surged in July, with data from the General Administration of Customs showing imports of rare earth ore rose by more than 4,700 tonnes compared to June.
Collection
[
|
...
]