U.S. President Donald Trump said on Monday that China must increase shipments of magnets to the United States or face import duties of "200% or something," escalating the trade dispute between the world’s two largest economies. Rare-earth magnets, crucial for electric vehicles, wind turbines and defense equipment, are an area in which China holds a dominant global position. Beijing added several magnet and rare-earth products to its export-control list in April after Washington imposed a 145% blanket tariff on most Chinese goods. Trump’s warning suggests he is prepared to lift the levy even further unless Beijing loosens its grip on supplies. Trump told reporters that the United States and China wield “tremendous power” over magnets and predicted that U.S. industry would secure adequate supplies “in a short period of time,” estimating about a year. He also signaled he may travel to China later this year or shortly thereafter to discuss the matter.