Latest news with #MOFCOM
Time of India
3 days ago
- Automotive
- Time of India
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry ," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90per cent of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. US Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a US business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship."
Yahoo
3 days ago
- Business
- Yahoo
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
By Laurie Chen and Aditi Shah BEIJING/NEW DELHI (Reuters) - Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90% of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. U.S. Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a U.S. business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship." Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
By Laurie Chen and Aditi Shah BEIJING/NEW DELHI (Reuters) - Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90% of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. U.S. Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a U.S. business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship." 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
Reuters
3 days ago
- Automotive
- Reuters
Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions
BEIJING/NEW DELHI, June 3 (Reuters) - Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs, according to a source familiar with the visit. European diplomats from countries with big auto industries have also sought "emergency" meetings with MOFCOM in recent weeks, a European official said. India, where automakers warned last week they were close to shutting down, is organising a trip for auto executives in the next two to three weeks. "This is an extremely urgent and critical time for the auto and electronics industry," Adam Dunnett, secretary general of the European Chamber of Commerce in China, told Reuters, saying some firms could stop production as soon as this week. The European Union and Japanese missions in Beijing did not immediately respond to requests for comment. The possibility of widespread shutdowns across the global auto industry demonstrates the enormous leverage Beijing has built over its decades-long rise to dominance in the rare earth industry. China - which controls over 90% of global processing capacity for the magnets, used in everything from automobiles and fighter jets to home appliances - imposed export restrictions on seven rare earth elements and several magnets on April 4, requiring exporters to obtain licenses from Beijing. The controls are widely viewed as a key source of diplomatic leverage because there are almost no alternatives outside China. Beijing agreed to suspend or remove non-tariff countermeasures imposed on Washington since April 2 as part of the Geneva truce. But there has only been a slow trickle of approvals since then and Chinese government officials have declined to address the issue publicly. U.S. Trade Representative Jamieson Greer last week accused Beijing of "slow-rolling" the removal of non-tariff countermeasures. South Korea's industry ministry has asked China to issue more export licenses, an official told Reuters, as only a handful of companies had received licenses. China's foreign ministry on Tuesday did not respond to a question on whether Beijing would speed up processing of export license applications. The Ministry of Commerce did not immediately reply to queries sent after business hours. European firms alone have thousands of applications waiting for approval, said a source familiar with the matter. State media reported last week that China was considering relaxing some of the curbs for European semiconductor firms and the Ministry of Foreign Affairs said last week it would strengthen cooperation with other countries over its controls. However, rare-earth magnet exports from China halved in April due to a long and opaque application process for export permits. "China won't blink but it will slowly and strategically provide exemptions," said a U.S. business figure briefed on the matter, who declined to be named for sensitivity reasons. "It's a painful stress test of an already fragile relationship."
Yahoo
3 days ago
- Business
- Yahoo
China negotiations are 'high priority' for the Trump admin.
Tensions are rising as the US and China's trade accusations over trade practices and access to critical minerals mount. Timothy Brightbill, partner at Wiley Rein, joins Catalysts to explain what's driving the latest tariff standoff and where negotiations could head next. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. Talk to me about this tit-for-tat between the US and China both accusing each other of the same thing. Is there any merit to that? Is this just negotiation in the art of the deal? Where does this sit with you? Uh, thanks for having me this morning, Madison. There, I think, uh, there's, uh, there are things going on on both sides here. Uh, the United States and China, uh, both are have some accurate statements that they've made. The Trump administration is clearly frustrated with China, uh, that it's not living up to the May 12th agreement, and in particular, that it's slowing down access to rare earth magnets and other critical minerals, which are needed for so many different segments of manufacturing. Uh, now MOFCOM, of course, has pushed back and said that it's the United States that is escalating the situation, uh, first with restrictions on the sale of chip design software to China, and then also some of the other issues, such as the announcement to revoke visas of Chinese students. So, I think, uh, both sides make some valid claims. It's mostly negotiations, but we do want to see these discussions move forward, um, given the size of the tariffs that have been suspended between the two countries. And talk to me about what that looks like. What would be the impetus to make these negotiations move forward? Are you seeing any signals of further discussions happening? I think both sides are very interested. So, uh, yes, I think there are signals of more discussions. Uh, there will be other opportunities going on. There is an OECD meeting this week. Uh, this is a high priority for the administration, for Ambassador Greer, um, but there's a lot of ground to cover and a lot of very hot button issues between the two countries. So, not clear how how quickly it will be resolved.
