Trump Demands Magnets Amid U.S.-China Trade Tensions

In a bold statement on Monday, President Donald Trump declared that China must provide magnets to the United States, or the country will impose a 200% tariff. The demand is part of ongoing trade tensions between the two nations.

China's sensitivity over its rare earth supply chain has increased, leading to the inclusion of several rare earth elements and magnets in its export restrictions list as of April. This move was a strategic response to tariff increases by the United States.

These developments highlight the simmering economic tug-of-war over critical technologies and materials, with both superpowers competing for control and influence in global markets.

(With inputs from agencies.)