Trump threatens China with 200%customs duties: “I do not want to play these books, because if I did it I would destroy China”
In a meeting with South Korean President Lee Jae Myung at the White House, US President Donald Trump threatened China with 200% customs duties on rare magnets and earth exports, warning that if they apply these measures, they would “destroy China”.
President Trump threatens Benjing with huge customs taxes / Photo source: Upi
President Trump threatens China with record customs taxes
US President Donald Trump threatens China to impose 200% customs duties to Chinese products entering the United States, if Beijing does not accelerate the export of rare magnets and lands, AFP reports, according to news.ro.
“They have to give us magnets. If they do not give us, then we will impose customs rights around 200%. But I think we will not have a problem with this”the US president said in the presence of his South Korean counterpart Lee Jae Myung, in a press discussion in the Oval Office.
China is the first world producer of rare lands that allow the manufacture of magnets
Magnets are essential in automotive, electromic and armament industries.
At the beginning of April, the Chinese partid state has imposed a license to export these strategic subjects, a decision charged as a measure of retrival towards American customs duties.
Beijing and Washington then launched in a real commercial war, answering each with increases in customs duties that reached 125 and 145%.
But negotiations between the first two world powers then allowed a decrease in tensions, and the Chinese government has committed to accelerate the issuance of licenses to a certain number of American enterprises.
“I think we have a brilliant relationship with China. We talked quite recently with President XI (Jinping) and, at one point this year, we have to go to China,” added Donald Trump.
He recognized that Beijing has some “Attuuri in the sleeve”but stressed that “And we have some incredible ones. But I do not want to play these books, because if I did it I would destroy China”, he threatened.
American and Chinese officials have met in three lines in recent months, to flatten a certain number of topics related to their commercial relations.
As a result of these meetings, the two countries agreed to maintain customs duties of 30 and 10% respectively that they impose each other, over a 90 -day period, which was extended a second time until November.
But Washingto has already expressed a certain dissatisfaction, accusing China of a willful slowdown in the process of issuing licenses for the export of rare lands.
The strategic character of these minerals has determined the American Department of Defense to enter the capital of an American operating company – MP Materials -, whose main shareholder will become.
Beijing has also obtained a relaxation of exports of high precision semiconductors from the United States, whose sale to Chinese companies was gradually tightened, especially during Donald Trump's Democratic predecessor.
