On October 9th, the Chinese Ministry of Commerce announced a significant expansion of its export controls on rare earths, particularly adding controls on five rare earth metals. In addition, strict scrutiny will be imposed on foreign manufacturers using Chinese rare earth materials, even requiring approval from Beijing for transactions not involving Chinese companies. What could be the reason behind Beijing’s move?
This action has infuriated US President Trump. On Friday, October 10th, Trump criticized this sudden and significant trade hostile behavior, claiming that it has angered all countries. He denounced the Chinese attempt to hold the world hostage and condemned the devious actions of the Chinese Communist Party. Trump further stated that there is currently no reason to meet with the Chinese leader Xi Jinping. Additionally, Trump announced a 100% tariff hike on Chinese goods and imposed export controls on critical software, effective from November 1st.
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