After Donald Trump's tariff announcement on China, Beijing's sudden suspension of rare-earth magnet exports led to international automotive production panic. Important automakers warned of potential shutdowns due to their reliance on these magnets, compelling the White House to swiftly lower tariff rates. China controls 90 percent of the rare-earth magnet supply and possesses capabilities to threaten various sectors of the American economy. This situation highlights America's loss of manufacturing strength and its vulnerability stemming from dependence on Chinese production prowess.
Beijing abruptly suspended exports of rare-earth magnets, causing automakers worldwide to panic as they are essential for building cars.
China produces 90 percent of the global supply of rare-earth magnets, which are crucial for numerous industries and products.
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