US President Donald Trump has threatened to impose tariffs of up to 200% on Chinese imports if Beijing fails to reliably supply the United States with magnets made from rare earth elements.

"They have to give us the magnets," Trump said at the White House on Monday evening, during a meeting with South Korean President Lee Jae-myung."If they don't give us the magnets, then we'll put a 200% tariff on them or something like that."

He acknowledged that such strict measures would lead to the suspension of trade with China, adding that this would be acceptable if necessary.

Rare earth elements are essential for modern technology, including smartphones, wind turbines, electric cars, and military equipment, with magnets being of particular importance.

China is the world's leading producer and processor of these minerals, and the United States relies on these imports. Beijing previously restricted exports of rare earth minerals and magnets amid the trade conflict.