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Mint
25 minutes ago
- Mint
Critical minerals will remain a problem in US-China talks. These industries are at risk.
Critical minerals will likely remain a source of leverage for Beijing in trade talks with the U.S., even if President Donald Trump's Thursday call with Xi Jinping speeds up the flow of rare earths to feed auto, industrial and other supply chains. The issue dates back to early April, when China imposed restrictions on exports of the metals as part of its retaliation against Trump's imposition of tariffs of up to 145% on its exports to the U.S. In mid May, after negotiators met in Geneva, the U.S. said China had agreed to lift the restrictions as the countries agreed to a 90-day pause on levies that were choking off trade between them. The problem is that while China is allowing exports of rare earths, used in magnets that go into automobiles, for example, companies that want to export them need licenses. Companies say they aren't easy to get, though Reuters reported on Friday that Beijing had granted temporary licenses to suppliers of the big three U.S. auto makers. Its report cited people familiar with the matter. A spokesperson from the Chinese embassy said he wasn't aware of the situation specifically related to the licensing, reiterating that the export control measures are in line with international common practices, nondiscriminatory, and not targeted at specific countries. While only a fraction of the members of the American Chamber of Commerce in China—mostly technology and industrial companies—were affected by rare-earth export restrictions, three-quarters of those said their supplies would run out within three months, according to a survey from the trade group. While the survey found that Chinese suppliers to U.S. companies had recently been granted six-month export licenses, they noted continued uncertainty because there is a large backlog of license applications. Gracelin Baskaran, a mining economist and director of the Critical Minerals Security Program at the Center for Strategic and International Studies, said about 25% of licenses applied for have been given out, but that they aren't being processed fast enough. Part of that is due to the administrative task. China is the source of 100% of the rare-earth processing capability in the world, so it is issuing licenses for exports not just to the U.S., but for many other countries. But it could also be part of the negotiations. 'China has made it very clear it's not satisfied with the 90-day tariff pause and looking for a more durable solution to the tariff conundrum," said Baskaran, noting the deflationary impact of the tariffs on China's economy. 'It's not in their incentive to give out licenses quickly as their economy is in a downward spiral. These licenses are their leverage." The U.S. had been the dominant rare-earth producer until the 1990s, but China steadily took market share, ramping up production to levels that made it unprofitable for others, forcing them out, Baskaran said. A similar phenomenon is currently under way in nickel, she U.S. has been producing rare earths in California and is building out separation and processing capabilities, with companies like MP Materials boosting their refining abilities. 'It's a perfectly solvable problem and one the U.S. is working at warp speed to address," Baskaran said. 'It's not a forever problem." That said, it could continue be a source of pain, leaving the U.S. vulnerable in talks with China. An array of industries reliant on these critical minerals, from autos to electronics, semiconductors, and defense, are likely to suffer. Write to Reshma Kapadia at
News18
an hour ago
- News18
Trump Announces Fresh US-China Trade Talks In London Next Week: 'Should Go Very Well'
Last Updated: Trump's remarks came after he had a "very good" conversation with his Chinese counterpart, Xi Jinping, on Thursday. The two countries were locked in an escalating tariff battle. US President Donald Trump on Friday announced a new round of trade talks with China in London on June 9, one day after he held talks with his Chinese counterpart, Xi Jinping, to end a bitter battle over the White House's so-called 'Liberation Day" tariffs. 'I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal," he said on his Truth Social platform. 'The meeting should go very well. Thank you for your attention to this matter!" he added. The trade talks in the British capital on Monday will mark the second round of such negotiations between the world's two biggest economies since Trump launched his trade war this year, as both countries engaged in an escalating tariffs battle. US-China Trade Negotiations The first talks between Washington and Beijing since Trump unveiled his 'Liberation Day" tariffs on allies and adversaries alike took place in Geneva last month, where both sides agreed to lower tit-for-tat tariffs. Trump had earlier said that trade talks would resume after he spoke with Xi Jinping on Thursday. Trump described Xi Jinping as 'very tough" and 'extremely hard to make a deal with" after accusing Beijing of backtracking on a trade agreement aimed at easing tariffs. In May, negotiators from the United States and China reached a trade agreement in Geneva to significantly reduce tariffs on each other's goods. Under the deal, the US agreed to lower its tariffs on Chinese imports from 145% to 30%, while China reduced its tariffs on American products from 125% to 10%. US officials have also accused China of slow-walking export approvals of critical minerals and rare earth magnets. However, investors are hopeful that the London talks could cool down tensions between the two countries. (with inputs from agencies) First Published: June 07, 2025, 10:42 IST
New Indian Express
an hour ago
- New Indian Express
'US with India in fight against terror': Deputy Secretary of State tells Indian delegation
WASHINGTON: The US stands strong with India in the fight against terrorism, US Deputy Secretary of State Christopher Landau told Congress MP Shashi Tharoor-led all-party delegation here to convey India's stance on the Pahalgam terror attack and Operation Sindoor. The Indian delegation met Landau here on Friday as it wrapped up the crucial US leg of its multi-nation tour, briefing key interlocutors about Operation Sindoor targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir following the April 22 Pahalgam terror attack that claimed 26 lives. "The all-party parliamentary delegation led by Dr. @ShashiTharoor had a warm and candid conversation with US Deputy Secretary of State Landau. The Indian delegation briefed him on the atrocities of the Pahalgam terror attack and Operation Sindoor," the Indian Embassy said on X. Landau, in a post on X, said it was a "GREAT" meeting with the Indian parliamentary representatives. "I reaffirmed that the US stands strong with India in the fight against terrorism. We discussed the US-India strategic relationship, including expanding trade and commercial ties to foster growth and prosperity for both countries," he said. A statement issued by State Department Spokesperson Tammy Bruce said Landau "reaffirmed the United States' strong support of India in the fight against terrorism and the strategic partnership between the two countries." The delegation discussed with Landau the importance of advancing key areas of the bilateral relationship, including expanding trade and commercial ties to foster economic growth and prosperity in both countries, according to the statement. The embassy, in a statement said, that during the meeting with Landau, the delegation briefed him on the heinous terrorist attack in Pahalgam, discussed India's subsequent Operation Sindoor, and put forth India's firm resolve to counter cross-border terrorism in all its forms. "The deputy secretary reaffirmed the United States' strong support for India in the fight against terrorism. The two sides also had a wide-ranging conversation on the importance of strengthening bilateral relationships through advancing cooperation in areas of mutual interest," it said. The delegation also had a "productive meeting" with Senator Chris Van Hollen, a member of the US Senate Foreign Relations Committee. It briefed him on the heinous terrorist attack in Pahalgam, discussed India's subsequent Operation Sindoor, and put forth India's firm resolve to counter cross-border terrorism in all its forms, the embassy said on X. The senator sympathised with the victims of repeated terror attacks in India, saying the US stood with India in the fight against terrorism, and expressed support for New Delhi's right to defend itself. Tharoor also spoke over the phone with Senator Cory Booker, a member of the US Senate Foreign Relations Committee, and described the conversation as "warm and productive." He briefed Booker on the "monstrous" terror attack in Pahalgam and outlined the repeated provocations of terrorism emanating from across the border, laid out the details of Operation Sindoor, and emphasised India's firm resolve in countering any future acts of terrorism. "Senator Booker unequivocally condemned terrorism and expressed sympathies with the victims. The conversation also touched upon broader themes in the India-US strategic partnership, which enjoys robust support," Tharoor said, adding that he hopes to meet Booker "Next time in person." Apart from Tharoor, the delegation comprises MPs Sarfaraz Ahmad, Ganti Harish Madhur Balayogi, Shashank Mani Tripathi, Bhubaneswar Kalita, Milind Deora, Tejasvi Surya, and India's former Ambassador to the US Taranjit Sandhu. Several prominent American lawmakers and congressmen, as well as policy experts, attended a special reception hosted by the Indian Embassy on Thursday night and interacted with the delegation.
