The arrangement shows how Trump is squeezing both ends of international trade when it comes to technology, using the threat of sky-high tariffs to get concessions from China on rare earth minerals and forcing companies to pay extra taxes in exchange for the right to sell goods to China.

U.S. President Donald Trump avoided a question on Monday about whether he would extend an August 12 deadline for higher U.S. tariffs on Chinese goods, saying, "we'll see what happens," as he lauded China's cooperation in talks with the U.

With one day to go until the US-China tariff deadline, Trump has yet to decide on an extension, leaving business bracing for impact.