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In 2023, the U.S. imported more than 95% of rare earth compounds and minerals from China, Malaysia, Estonia, and Japan, according to the U.S. Department of the Interior.
Beijing retaliated by imposing targeted tariffs of up to 15% on some U.S. imports including energy and farm equipment and put several companies, including Google, on notice for possible sanctions.
Over the weekend, Mr Trump announced 25 per cent tariffs on Mexico, 25 per cent on Canada and an extra 10 per cent on China, though he said the imposition on Mexico would be postponed by a month.
Trump signed orders on Saturday evening, imposing 25% tariffs on imports from Mexico and Canada (though Canadian energy faces a lower tariff of 10%) and 10% tariffs on goods from China.
The reaction of the financial markets to the Trump tariffs provides further proof, were it needed, of the depressing effects of the new US president’s trade policy.
AI bets, tariff threats, and DEI crackdown: All the ways Trump is sending shockwaves through corporate America John L. Dorman,Brent D. Griffiths,Bryan Metzger January 26, 2025 at 5:00 AM
Trump also said he would be imposing import taxes on oil, gas, steel, aluminum, and copper — all important raw materials — in a move that most experts say would cripple the American economy.
The Wall Street Journal published a scathing editorial over the weekend after Trump hit America's neighbors with a 25% tariffs on Saturday after decades of duty-free trade between the three countries.