Washington. US President Donald Trump threatened China on Monday with imposing tariffs of around 200 percent on Chinese products entering the United States if Beijing does not accelerate its exports of rare earth magnets.

"They have to give us magnets," Trump said."If they don't give them to us, then we'll have to charge them a 200 percent tariff or something like that. But I don't think we're going to have a problem with that," the US president added in the presence of his South Korean counterpart, Lee Jae-myung, during a press conference at the White House.

China is the world's leading producer of rare earths, which are used to make magnets essential for the automotive, electronics, and defense industries.

However, in early April, Beijing imposed export licenses for these strategic materials, a move perceived as retaliation for US tariffs.

Beijing and Washington then embarked on a full-blown trade war, each responding to the other's tariff increases, reaching triple-digit figures on both sides.

Since then, negotiations between the two world powers have eased tensions, and the Chinese government has pledged to accelerate the granting of licenses to a number of American companies.

Copper and potash would be added to the list of critical minerals.

On Monday, the United States proposed adding copper and potash, among others, to the draft list of critical minerals by 2025, due to their importance to the economy and national security.

The Geological Survey, a branch of the Department of the Interior, published the draft list in the Federal Register, and it will be open to public comment for 30 days.

According to the Bipartisan Policy Center, inclusion on the list, which is typically updated every three years, can make projects eligible for federal funding, subject to a more streamlined permitting process, or more competitive due to import duties.

Copper is used in transportation, defense, and the power grid, which is in need of an overhaul amid the first surge in electricity demand in two decades due to the rise of data centers and artificial intelligence.

Potash is a potassium-rich salt used primarily in the manufacture of fertilizers. Silver, lead, and silicon have also been added to the list.

The draft list provides a roadmap for reducing U.S. dependence on imports and expanding domestic production, Interior Secretary Doug Burgum said.