China Hit World’s Pain Point on Trade — and Will Do So Again (1)

For months Donald Trump pushed tariffs and trade restrictions on China to unprecedented levels, part of a strategy to force Xi Jinping into talks the US president expected would help cut the trade deficit and boost American manufacturing.

With US tariffs soaring to 145% and the Trump administration boasting that it had the upper hand with China, Beijing turned the tables, essentially shutting down exports of one thing the modern world can’t function without: rare earth magnets.

As slowing deliveries of products with obscure elements like dysprosium and terbium began to pinch industries from autos to defense, the US and other nations ...