Overview

• In Oval Office remarks, the president said China must ensure U.S. supply of rare‑earth magnets or face “200 percent” duties.
• He acknowledged such tariffs would effectively halt most trade, saying the U.S. “wouldn’t do any business with China.”
• He said he expects to travel to China “this year or shortly thereafter” after recent talks with Xi Jinping.
• Washington and Beijing recently extended their pause on higher tariffs for 90 days, leaving U.S. rates near 30% and China’s near 10% until November 10.
• Rare‑earth magnets remain the key sticking point as Beijing dominates roughly 90% of the market and has tightened export controls and licensing.