China has stopped the export of rare earth minerals and magnets, according to finance.mail.ru. These materials are essential for the automotive, aerospace, semiconductor, and military contracting industries.
The halt in exports occurred against the backdrop of trade tensions following the import tariffs imposed by U.S. President Donald Trump.
The Chinese government is currently developing a new export control system. According to the NYT, this system may restrict exports for certain companies, including U.S. military contractors.
On April 4, China allowed the export of six types of fully recyclable heavy rare metals and magnets only on a special license basis. Ninety percent of these products are produced in China.
The publication notes that rare magnets do not constitute a significant share of China's total exports, so these restrictions are unlikely to cause serious harm to the economy
