Fighter jets, missiles, iPhones, EVs... China has been kind to US... Should India be worried?
Fighter, missile, iPhone, EV... China has been kind to US... Should India be worried?
US President Donald Trump has claimed that Chinese President Xi Jinping has agreed to send rare earths and magnets. This move can reduce tensions between the world's two largest economies. Amid the tension over tariffs, China imposed export control on such minerals on April 4. Magnets made of rare earth elements are very important and are used in iPhones, electric vehicles, fighter aircraft like F-35 and missile systems. China has complete control over their supply and has stopped the supply of rare earth magnets to the US as well as India.
When asked Trump whether Chinese President Xi Jinping had agreed to export rare earths? Trump replied, 'Yes, they have agreed.' However, the Chinese Embassy in Washington did not immediately comment on this. Trump's statement comes a day after a rare conversation with Xi Jinping. In another sign of easing tensions over the issue, China has granted temporary export licences to rare earth suppliers to the top three US automobile companies. US officials will meet Chinese officials in London on Monday for further talks.
Political pressure
'We have made great progress on the deal with China,' Trump said. The two countries reached an agreement in Geneva, Switzerland on May 12. Under this, most of the heavy tariffs imposed on each other since Trump took office in January were agreed to be rolled back for 90 days. Financial markets, worried about trade disruptions, were excited by the news. But China decided to suspend exports of several critical minerals and magnets in April. This disrupted the supply of essential goods to automobile companies, computer chip makers and military contractors around the world.
Trump accused China of violating the Geneva agreement. He ordered a ban on chip-design software and other shipments to China. Beijing rejected the claim and threatened retaliation. Rare earths and other critical minerals are a weapon for China. If companies have trouble making mineral-based products and economic growth slows, Trump could face domestic political pressure.
US has got relief but Indian auto companies are facing a lot of trouble. Nine Indian companies making auto components have got the application for import passed from the Chinese embassy. Despite this, the supply has not started. China's Commerce Ministry has not yet given approval for this. These magnets are very important for electric vehicles. They are also used in parts like gear system and drive train.
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