In response to a trade dispute between the two countries, US President Donald Trump has stated that China must increase its imports or “we have to charge them 200 percent tariff or something.”
The US president made the claim to reporters on Monday.
In retaliation for US tariff increases, China added a number of rare earth items and magnets to its export restriction list in April as retaliation. The country is becoming more concerned about rare earth elements and its ability to control their supply.
The global magnet market, which includes semiconductor chips used in products like smartphones, accounts for 90% of the global magnet market.
The US announced a 10% stake in Intel, one of the largest semiconductor chipmakers in the world, which uses rare earth materials for its products after the US announced its 10-percent stake in the company.
Imports of rare earth ore increased by more than 4,700 tonnes in July, according to data from the General Administration of Customs.
The US president made the remarks in response to the ongoing tariff standoff between the world’s two largest economies, which had earlier this month started to ease. A 90-day tariff deadline on Chinese goods was extended by President Trump’s executive order, giving more time for negotiations.
Source: Aljazeera
Leave a Reply