Overview

• Speaking after meeting South Korean President Lee Jae Myung, Trump said China must "give us magnets" or face a 200% tariff.
• He claimed the U.S. withheld Boeing parts and that about 200 Chinese planes were grounded, describing the move as leverage over magnet supplies.
• China’s shipments of rare‑earth magnets to the U.S. rebounded after spring curbs, jumping about 660% in June from May and rising another 76% in July.
• China produces roughly 90% of the world’s rare‑earth magnets and controls much of the refining, leaving key U.S. industries vulnerable.
• Washington is accelerating a domestic buildout, with the Pentagon backing MP Materials through a $150 million loan, purchase commitments and a decade‑long price floor as part of a broader funding push.