India, Aug. 26 -- US President Donald Trump on Monday hinted at imposing 200% tariffs on China if the country did not supply rare earth magnets, essential to the automotive, electronics and defense industries, to America.

While he heaped praise on China for "intelligently" taking control of the monopoly of magnets in the world, he also said that if the country refuses to provide them to the US, they could be dealt a huge economic blow.

"They have to give us magnets. If they don't give us magnets, then we have to charge them (a) 200 percent tariff or something," Trump said during a media interaction from the Oval Office at White House.

Trump also asserted that while the US and China shared a great relationship, Washington had more lever...