Latest news with #RareEarth
Yahoo
10 hours ago
- Business
- Yahoo
U.S.-China trade war on hold as talks reboot in London
Top trade officials from the U.S. and China were meeting in London on Monday, the second such meeting in the past month and one aiming to quell rising tensions between the two superpowers over tariffs and other trade policies. The meeting kicked off just days after President Donald Trump and Chinese President Xi Jinping engaged in an extended phone conversation, after which Trump offered an upbeat download on the conversation. 'I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal,' Trump said on Truth Social last Friday. 'The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries. There should no longer be any questions respecting the complexity of Rare Earth products. Our respective teams will be meeting shortly at a location to be determined.' U.S. Treasury Secretary Scott Bessent, Secretary of Commerce Howard Lutnick and U.S. Trade Representative, Ambassador Jamieson Greer are leading the U.S. delegation and early reports on the talks were optimistic. National Economic Council Director Kevin Hassett on Monday told CNBC's 'Squawk Box' that the U.S. was seeking confirmation China would restore the flows of critical minerals. 'The purpose of the meeting today is to make sure that they're serious, but to literally get handshakes ... and get this thing behind us,' Hassett said. He added that he expected it 'to be a short meeting with a big, strong handshake.' While White House officials were signaling expectations for a positive outcome from the latest round of talks, some trade experts predicted the road to a new U.S.-China agreement could be a long one. Zhiwei Zhang, president and chief economist of Pinpoint Asset Management, told CNBC that it could take months for trade tensions to be resolved. 'I don't really have very high expectations for these trade talks ... I doubt they will reach an agreement very soon,' he told CNBC on Monday. 'There could be some resolution on specific issues, like a rare earths, for instance, China already announced that they will give some permits to foreign firms applying for imports. Now, those kind of a temporary solution, we might see some of that come out. But I doubt we will have a complete solution coming from this dialogue in the U.K.,' Zhang added. In spite of a temporary U.S.-China trade agreement coming out of talks held on May 12 in Geneva, Switzerland, tensions arose earlier this month after Trump accused China of breaching terms of the deal. 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' Trump wrote on Truth Social. Last week, ahead of the call between Trump and Xi, China hit back on Trump's claims the Asian country was in breach of a new trade agreement, countering that the U.S. itself was undermining the deal with new sanctions. A statement from China's Ministry of Commerce released last Monday said Trump administration actions 'seriously undermine the existing consensus reached at the Geneva economic and trade talks, and seriously damage China's legitimate rights and interests.' Chinese officials also pointed to recent signaling from the U.S. about potential new regulations for advanced microchips and the revocation of U.S. visas for Chinese students, per CBS News, as evidence that the U.S. was acting in bad faith following the trade deal. Trump's complaint stemmed from his concerns over China's export rules on rare earth minerals. China controls 90% of the world's rare earth elements production capacity and, according to the U.S. Department of Energy, the minerals play a critical role in U.S. national security, energy independence and economic growth. Many advanced technologies have components made from rare earth materials such as magnets, batteries, phosphors and catalysts.
Wall Street Journal
21 hours ago
- Business
- Wall Street Journal
Chinese Tech, Rare-Earth Stocks Rally Ahead of U.S.-China Talks
Chinese tech stocks and shares of rare-earth companies gained ahead of a meeting between Chinese and U.S. officials that is spurring hopes for a trade deal. Shares of Hong Kong-listed technology companies rose, led by major players like chip maker SMIC, which gained nearly 5%. E-commerce giants Meituan and Alibaba also rallied. The Hang Seng Tech Index rose as much as 3.2% before paring gains after Chinese trade data missed expectations. China Rare Earth surged over 50% in Hong Kong, while ZheJiang ZhongKe Magnetic rallied in Shenzhen. The U.S. and China begin their second round of trade talks on Monday in London. President Trump told reporters Friday that talks with Beijing were "very far advanced." Chinese officials said over the weekend they had approved some applications for rare-earth exports, a key sticking point in trade talks.
Economic Times
2 days ago
- Business
- Economic Times
China approves some exports of rare earths ahead of US talks
Beijing has approved some rare earth export applications, potentially easing tensions before US-China trade talks. The commerce ministry confirmed the approvals, noting growing demand in robotics and electric vehicles, and will expedite approvals for qualified exporters to Europe. This follows a call between Presidents Trump and Xi, where Trump expressed optimism about resolving trade issues and advancing towards a deal. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 confirmation comes days after the US and Chinese presidents spoke, following which Donald Trump said that there "should no longer be any questions respecting the complexity of Rare Earth products." Delegations from Beijing and Washington are scheduled to meet in the UK to conduct trade negotiations on granted temporary export licenses to rare-earth suppliers of the top three US automakers, Reuters reported on Friday. The commerce ministry also said earlier Saturday it will speed up approvals for qualified rare earth exporters to comment came one day after a rare call with Xi aimed at resolving trade tensions that have been brewing over the topic for that time, Trump said there had been "a very positive conclusion" to the talks, adding that "there should no longer be any questions respecting the complexity of Rare Earth products.""We're very far advanced on the China deal," Trump told reporters on countries struck an agreement on May 12 in Geneva, Switzerland, to roll back for 90 days most of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. Financial markets that had worried about trade disruptions rallied on the news.
Time of India
2 days ago
- Business
- Time of India
China approves some exports of rare earths ahead of US talks
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. The confirmation comes days after the US and Chinese presidents spoke, following which Donald Trump said that there "should no longer be any questions respecting the complexity of Rare Earth products." Delegations from Beijing and Washington are scheduled to meet in the UK to conduct trade negotiations on Monday. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Three Oxon Hill Banks Are Paying Record High Interest Rates - See the List SavingsPro Undo China granted temporary export licenses to rare-earth suppliers of the top three US automakers, Reuters reported on Friday. The commerce ministry also said earlier Saturday it will speed up approvals for qualified rare earth exporters to Europe. Trump's comment came one day after a rare call with Xi aimed at resolving trade tensions that have been brewing over the topic for weeks. Live Events At that time, Trump said there had been "a very positive conclusion" to the talks, adding that "there should no longer be any questions respecting the complexity of Rare Earth products." "We're very far advanced on the China deal," Trump told reporters on Friday. The countries struck an agreement on May 12 in Geneva, Switzerland, to roll back for 90 days most of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. Financial markets that had worried about trade disruptions rallied on the news.
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Business Standard
2 days ago
- Business
- Business Standard
Beijing approves some rare earth exports ahead of US-China trade talks
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. The confirmation comes days after the US and Chinese presidents spoke, following which Donald Trump said that there 'should no longer be any questions respecting the complexity of Rare Earth products.' Delegations from Beijing and Washington are scheduled to meet in the UK to conduct trade negotiations on Monday.
