Top U.S. Automaker Rare Earth Suppliers Receive Export Licenses from China
Last week, President Trump accused China of violating its preliminary trade deal reached with the U.S. These violations included the continued restriction of rare earth element exports, which are critical in the development of semiconductors, cars, and planes. Now, China has responded in favor of the U.S.
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China has provided temporary rare earth export licenses to suppliers of three top U.S. automaker brands, General Motors (GM), Ford (F), and Stellantis (STLA), per Reuters. This comes after Beijing imposed rare earth export restrictions in April as a response to Trump's tariffs, although the restrictions didn't apply just to the U.S. Automakers around the world had previously warned of supply chain disruptions if China continued to restrict the elements.
China Eases Rare Earth Exports to Top U.S. Automakers
The export licenses will be in effect for six months, with the timeline possibly set in order to respond to U.S.-China trade developments. Reuters ' sources didn't mention the quantity or exact rare earths covered through the export licenses. China holds a near-monopoly on rare earths and produces about 90% of them across the globe.
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