President Donald Trump’s (l) comment came a day after his phone call with Chinese President Xi Jinping
President Donald Trump says his Chinese counterpart, Xi Jinping, has agreed to resume the export of rare earth minerals and magnets to the US, signaling a slight ease of tension in the trade tariff talks between the two nations.
Trump’s comment came a day after his phone call with Xi and amid ongoing US-China negotiations, which are set to continue in London next week, where the two are expected to meet.
Beijing controls the processing of 90% of the world’s rare earth minerals. It paused exports of some elements on April 4 as the tit-for-tat tariff war escalated with the United States.
In May, both countries agreed to a 90-day trade truce. However, China hasn’t loosened the rare earth restrictions until now. Its suspension of critical mineral exports has disrupted supply chains for automakers, chipmakers and defense contractors.
Additionally, China has reportedly granted temporary export licenses to suppliers of the Big Three US automakers, General Motors, Ford, and Jeep-maker Stellantis.