China's rare earth metals monopoly covers both mining and refinement
'China is responsible for about 70 per cent of mining rare earths,' Mr Clark told Sky News host Ed Boyd.
'Also, about 90 per cent of the actual downstream refining.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
an hour ago
- ABC News
Donald Trump extends China's 125pc tariff deadline for another 90 days
Donald Trump has signed an executive order extending a pause in sharply higher US tariffs on Chinese imports for another 90 days, a White House official said. A tariff truce between Beijing and Washington had been set to expire on August 12 at midnight Beijing time (3:01pm AEST), but the Trump administration had hinted the deadline could be extended. The US and China agreed to a 90-day pause on triple-digit tariffs in May, after the trade war sent world markets tumbling. If it is not extended, US tariffs on Chinese goods will shoot up to 145 per cent, with Chinese tariffs on US imports set to hit 125 per cent. On Monday, the US president said Washington had been "dealing very nicely with China". "We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi [Jinping] and myself," Mr Trump told reporters. Earlier in the day, Beijing said it was looking to Washington for "positive" trade outcomes. "We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state," said Chinese foreign ministry spokesperson Lin Jian in a statement. He added that Beijing also hoped Washington would "strive for positive outcomes on the basis of equality, respect and mutual benefit". Although both sides reached a pact to de-escalate tensions after high-level talks in Geneva in May, their truce has been shaky. In June, key economic officials convened in London as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers again met in Stockholm last month. Even as both countries appeared to be seeking to push back the reinstatement of duties, US trade envoy Jamieson Greer said last month that Mr Trump would have the "final call" on any such extension. Last week, US Commerce Secretary Howard Lutnick said in an interview that it is likely Mr Trump would further the pause by another 90 days. Mr Trump said in a social media post late on Sunday that he hoped China would "quickly quadruple its soybean orders", adding that this would be a way to balance trade with the United States. For now, fresh US tariffs on Chinese goods this year stand at 30 per cent, while Beijing's corresponding levy on US products is at 10 per cent. Since returning to the presidency in January, Mr Trump has slapped a 10 per cent "reciprocal" tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying, steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15 per cent US duty on their products, while the level went as high as 41 per cent for Syria. The "reciprocal" tariffs exclude sectors that have been separately targeted, such as steel and aluminium, and those that are being investigated like pharmaceuticals and semiconductors. Mr Trump has also taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil. AFP/ABC
The Advertiser
6 hours ago
- The Advertiser
Stock and bond markets cautious ahead of big week
Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20. Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20. Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20. Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20.
Sky News AU
8 hours ago
- Sky News AU
‘How much you have to pay': Reserve Bank tipped to cut rates
On tonight's episode of Paul Murray Live, Sky News host Paul Murray discusses the Reserve Bank, cost of living, Salvation Army and more. 'There's a lot more for sale signs going up in many streets of many suburbs around Australia,' Mr Murray said. 'Tomorrow the expectation is that there will be yet another rate cut.'
