2 days ago
- Business
- Free Malaysia Today
China says approved ‘certain number' of rare earth export licences
China began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by US President Donald Trump. (AFP pic)
BEIJING : China said today it had issued a 'certain number' of licences to export rare earths after US President Donald Trump hailed this week's deal that would see the country provide the vital elements 'up front'.
The economic superpowers said after talks in London that they had achieved progress in dialling down a brutal trade war that has roiled markets and threatened global supply chain chaos.
A top priority for Washington has been ensuring supply of the rare earths essential for products including electric vehicles, hard drives and national defence equipment.
China, which dominates global production of the elements, began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by Trump.
The US president said today on social media that 'full magnets, and any necessary rare earths, will be supplied, up front, by China' as part of the deal, which was now 'done' – pending final approval by him and Chinese counterpart Xi Jinping.
The commerce ministry in Beijing said today that 'China, as a responsible major country, fully takes into account the legitimate needs and concerns of all countries in the civilian sector' related to rare earths.
'It reviews export licence applications for rare earth-related items in accordance with laws and regulations,' spokesman He Yadong told a news conference, adding that a 'certain number of compliant applications have already been approved'.
However, he declined to provide a specific number when asked how many licences had been approved by Beijing since talks between the two sides in Switzerland last month.
'We will continue to strengthen the approval process for compliant applications,' he added.
