China’s Magnet Grip Meets a 200% Tariff Threat — What Happens If the World’s Tiny Metals Start a Big Fight?

Magnets vs tariffs, sparks fly

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Let’s start with the headline act: magnets, the quiet heroes inside EVs, wind turbines, iPhones, and fighter jets, just got pulled onto the main stage of geopolitics, with a threat of a whopping 200% tariff if China chokes supply to the U.S. China controls roughly 90% of the rare‑earth magnet market, and when one player holds almost the entire deck, every shuffle rattles the table. That’s why one comment about tariffs can jolt markets from Seoul to Silicon Valley before breakfast.

Here’s the setup: Beijing tightened export rules in April, Washington dialed up tariffs, then both sides hit pause this summer to cool the temperature. Exports bounced back—U.S.-bound magnet shipments in June jumped about sevenfold month over month and kept climbing in July—like a supply chain sprinting to beat the next headline. Now comes the new tariff warning, and those hard-won detente vibes are suddenly wobbling again.

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