Although overall exports from China have continued to rebound following the recent easing of government restrictions, in August, China's shipments of rare earth magnets to the United States still saw a decline.
According to Bloomberg, data released on Saturday (September 20) by China's General Administration of Customs showed that China's export volume of rare earth magnets to the US fell by 5% month-on-month, to 590 tons; meanwhile, total exports rose to about 6,146 tons, the highest since January this year.
These figures were released after a phone call on Friday (the 19th) between US President Trump and Chinese President Xi Jinping to discuss trade tensions.
Rare earth magnets are indispensable raw materials for electric vehicles, wind turbines, and military equipment, and earlier this year became one of Beijing's most powerful weapons in its standoff with Washington. Recently, Trump used aircraft parts as leverage to counter Beijing's restrictions on rare earths.
China controls about 90% of global rare earth magnet production. This supply crisis has accelerated efforts by the US and other countries to build domestic supply chains.
According to Bloomberg, data released on Saturday (September 20) by China's General Administration of Customs showed that China's export volume of rare earth magnets to the US fell by 5% month-on-month, to 590 tons; meanwhile, total exports rose to about 6,146 tons, the highest since January this year.
These figures were released after a phone call on Friday (the 19th) between US President Trump and Chinese President Xi Jinping to discuss trade tensions.
Rare earth magnets are indispensable raw materials for electric vehicles, wind turbines, and military equipment, and earlier this year became one of Beijing's most powerful weapons in its standoff with Washington. Recently, Trump used aircraft parts as leverage to counter Beijing's restrictions on rare earths.
China controls about 90% of global rare earth magnet production. This supply crisis has accelerated efforts by the US and other countries to build domestic supply chains.