China will increase tariffs on $60 billion in American products from Saturday. (AFP photo)BEIJING: Condoms, perfume, wine and pianos are among a cocktail of American products that will be hit by a steep increase in Chinese tariffs on Saturday as Beijing retaliates in an escalating trade war. Chinese mines accounted for 71% of the world's rare earths production in 2018, according to the US Geological Survey, down from 80% in 2017 and 95% a decade ago. Cutting off exports to the US could give Beijing leverage in trade talks as China supplies 80% of the rare earths imported by the United States. But analysts say China may be reluctant to target the materials because it could hasten a global search for alternative supplies of rare earths.

Source: Bangkok Post May 31, 2019 06:00 UTC