logo
China Approves Some Exports of Rare Earths Ahead of US Talks

China Approves Some Exports of Rare Earths Ahead of US Talks

Bloomberg12 hours ago

Beijing says it granted approval to some applications for the export of rare earths, a move that could ease tensions before trade negotiations between the US and China next week.
The Chinese commerce ministry confirmed the approval of the applications without specifying which countries or industries were covered, even as it noted growing demand for the minerals in robotics and electric vehicles. The ministry will continue to review and approve compliant export applications, according to a statement on Saturday.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India plans rare earth magnet incentives as supply threat mounts, sources say
India plans rare earth magnet incentives as supply threat mounts, sources say

Yahoo

time2 hours ago

  • Yahoo

India plans rare earth magnet incentives as supply threat mounts, sources say

By Aditi Shah, Neha Arora and Aditya Kalra NEW DELHI (Reuters) -India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, people familiar with the matter said. Building such a supply chain could take years, but would reduce India's dependence on shipments from China, which sent shockwaves across global industries, particularly autos, with its April 4 move to curb exports of rare earth materials. China controls 90% of the processing of such magnets, also used in industries such as clean energy and defence. Now Prime Minister Narendra Modi's government wants to develop domestic manufacturing capabilities and is considering offering production-based fiscal incentives to companies, said two sources who sought anonymity as the talks are private. The scheme, being drafted by the ministry of heavy industries, also envisions partly funding the difference between the final price of the made-in-India magnet and the cost of the Chinese imports, the first source said. This would help achieve cost parity and boost local demand, the source said, adding that funding for the scheme has yet to be decided, with the government likely to meet industry officials next week to finalise the details. The heavy industries ministry did not respond to Reuters' queries. Although a state-run firm, IREL, has been mining rare earth materials for years, these are mainly used by the atomic energy and defence units, with most supplies for other uses still imported from China. India's move comes as auto companies the world over flag risks that they could face supply disruptions within days. In Japan, Suzuki Motor, has suspended production of its Swift car because of China's curbs. In India, auto industry body SIAM has privately told the government it expects production "to come to a grinding halt" within a timeframe starting from the end of May or early June. The heavy industries ministry also plans to send a delegation of auto industry executives to meet officials in Beijing to push for faster approvals, with two industry officials warning that was the only near-term solution. "The short-term solution has to be to get Chinese authorities to clear things," said one of the executives, who fears shortages at his company. "A radical shift in supply chain is not possible in the short term." Some auto companies and their suppliers will be able to stretch operations until the end of June, after which the situation will turn "really scary", said the second executive, adding it would affect not just electric cars but all vehicles. India has the world's third-largest reserves of rare earths of 6.9 million tons, the U.S. Geological Survey says, but only mines a fraction because private companies make limited investments. A government campaign launched in April, the National Critical Mineral Mission, aims to attain self-reliance in the sector. In recent years, it has begun exploration for neodymium, a rare earth widely used in magnets for the auto industry. India also exports neodymium to Japan for lack of domestic processing capability, two of the sources said. Commercially available export data showed India exported nearly $7 million worth of the rare earth material to Toyota Tsusho between January and April. This week, Modi's office discussed the impact of the magnet crisis on the small but fast-growing EV sector, to which investors have committed billions of dollars, a person familiar with the talks said. It also weighed the possibility of tariff exemptions for imports of machines required by domestic manufacturers, the source said, adding, "The government is looking into it critically. They are serious." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Engineers unveil radical new freight system that could make diesel trucks obsolete: 'Almost like a mini-airline'
Engineers unveil radical new freight system that could make diesel trucks obsolete: 'Almost like a mini-airline'

Yahoo

time2 hours ago

  • Yahoo

Engineers unveil radical new freight system that could make diesel trucks obsolete: 'Almost like a mini-airline'

A team of engineers from the University of New South Wales is developing a fleet of drones that can deliver vital supplies to remote areas of Australia. The all-electric fleet would produce zero emissions and be a game-changer for both the population of these remote areas and the environment at large. Countries like Australia have vast swaths of remote land. The population of these remote areas depends on diesel trucks for the delivery of vital materials such as food and medicine. But the emissions from those long deliveries can be detrimental to both the environment and the humans they are serving. Diesel trucks are one of the largest sources of emissions around the globe, contributing to human respiratory illnesses such as asthma and lung disease. They are also detrimental to the environment, as they can degrade crops and soil as well as produce acid rain. To top it all off, they contribute mightily to warming temperatures around the globe. The project is a collaboration between a company called Seaflight Technologies and Macquarie University. Together, they are developing the AURA-E, an electric drone designed for long-range, heavy cargo transport. The ultimate goal of the program is to create a drone that can carry 440-660 pounds over hundreds of kilometers. The leaders of the program believe its benefits will go beyond efficiency and being better for the environment. It should also be a significant source of job growth in the region. This is because the operation of a fleet of drones will require a new generation of aviation professionals and entrepreneurs. With that in mind, the government of Australia awarded the development team half of the program's $3 million budget. This is only the latest use of drone technology to benefit the environment. It has also been used to locate abandoned oil and gas wells. And they are increasingly being deployed to fight deadly and destructive wildfires before they can spread out of control. The heads of the program have big ideas about its potential scope. "If you imagine drones as being almost like a mini-airline, you could have hundreds or even thousands of flights per day," said Graham Doig, the founder of Seaflight Technologies. He was also understandably enthusiastic about the idea of replacing the dirty diesel trucks. "You can start talking about resupplying a community with medical supplies or fresh fruit and vegetables that otherwise would have come from the other side of the country in a diesel-spewing truck. We're taking that off the road, and we're replacing it with near-zero emissions technology that can provide people with goods they need the next day." Which of the following sustainable changes would make you most likely to choose a particular airline? Using cleaner fuel Reducing in-flight waste Making it easy to choose low-emissions itineraries I don't pay attention to sustainability when I fly Click your choice to see results and speak your mind. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.

Inside key meeting to remove Trump tariffs
Inside key meeting to remove Trump tariffs

Yahoo

time3 hours ago

  • Yahoo

Inside key meeting to remove Trump tariffs

Trade Minister Don Farrell has detailed the discussion he had with his US counterpart Jamieson Greer, revealing he had the 'greatest confidence' in Anthony Albanese during an expected meeting with Donald Trump next weekend. Senator Farrell spoke to the US Trade Representative while in Paris last week and characterised the talk as 'friendly'. Despite this, he maintained the tariffs were 'simply unjustified', highlighting Australia's trade surplus with the US. Figures indicate Australia buys about $70bn worth of goods from the US, compared to the $30bn of exports Australia sells to America. 'It wasn't a difficult discussion in terms of the relationship between us, and I am certainly of the view that we have the opportunity to continue to talk with Jamieson and Commerce Secretary Lutnick to put our case across,' he said. Senator Farrell also said he was still determined to get the trade barriers slashed. 'It's only by open discussion, honest discussion, with our allies in the United States that I think we can do that, but I certainly haven't given up on the prospect of getting these tariffs removed,' he said. 'And every opportunity I get, I'll continue to pursue that argument with the United States.' However, Senator Farrell said the decision will be ultimately made by Donald Trump, putting increased pressure on Mr Albanese's upcoming meeting with the US President. He said that while there were a 'range of ways' in which Australia communicates with the US, the 'most important … relationship between our prime minister and the president of the United States'. 'Look every meeting, I think, between an Australian Prime Minister and the US president will always be a critical meeting and I have the greatest confidence in our prime minister to push the Australian point of view on this.' The trade barriers currently include a 50 per cent levy on steel, a 25 per cent tariffs on aluminium and a blanket 10 per cent on other goods. While Mr Albanese maintained he won't compromise on Australia's biosecurity, he hinted Australia could review current settings which don't allow the US to import beef which originates from Canada and Mexico. Mr Albanese has also ruled out changes to the Pharmaceuticals Benefit Scheme, News Media Bargaining code and incoming ban on social media for under-16s, while highlighting Australia's critical minerals industry as a potential bargaining chip. 'If things can be sorted out in a way that protects our biosecurity – of course, we don't just say no, we don't want imports in here for the sake of it,' he told ABC radio on Friday. 'But our first priority is biosecurity and there'll be no compromise on that.' Mr Albanese said Australia would not have a 'subservient relationship to any nation'. 'We're a sovereign nation that stand on our own two feet,' he said. Senator Farrell also said he was 'confident' Australia can secure a new trade deal with the European Union, with EU President Ursula von der Leyen expected to visit Australia in July or August. 'We've got lots of things that we can sell to the to the Europeans. I believe now that there's an appetite to reach an agreement on both sides,' he said. 'The world has changed, those countries that believe in free and fair trade have to work together.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store