China dominates rare-earth magnet production, which is used in everything from cars and dishwashers to fighter jets, controlling around 90% of the global supply.

We're going to have a lot of magnets in a pretty short period of time. In fact, we'll have so many we won't know what to do with them,' US president says - Anadolu Ajansı

In a dramatic escalation that threatens to shatter a fragile trade truce, US President Donald Trump has issued a stark ultimatum to Beijing, warning of crippling new tariffs if China restricts its export of a critical and highly strategic resource: rare-earth magnets.