US President Donald Trump today threatened China to impose duties around 200% on Chinese products entering the US if Beijing does not speed up the exports of rare earth magnets.

“They have to give us magnets. If they do not give us, then we will impose duties around 200%. But I think we will have no problem with that, “the US president said, in the presence of a South Korean counterpart of Lee Jae-Mung during statements to reporters at the Oval Office.

China is the world’s first producer of rare earths, allowing it to also make magnets essential for the automotive industry, electronic or even equipment.

However, the Chinese state imposed an authorization of strategic materials in early April in early April, a decision perceived as a measure of retaliation ahead of US duties.

Beijing and Washington had then served on a real trade war, each responding to each other’s duties, reaching 125% and 145% on one side.

Since then, negotiations between the first two forces worldwide have allowed tensions to be alleviated, and the Chinese government has pledged to accelerate the licensing process for a certain number of US companies.

“I think we have an excellent relationship with China, I talk quite often with President Xi (Yinping) and, at some point within the year, we have to visit China,” Donald Trump added.

Although he acknowledged that Beijing has a “aces in his sleeve”, he recalled, however, that “we have quite incredible (papers). But I don’t want to play these papers, because if I do this it would destroy China, “he warned.