China Temporarily Lifts Rare Earth Export Restrictions Against U.S.
(MENAFN) China will suspend its rare earth export restrictions against the United States for one year, the country’s Commerce Ministry announced following a meeting between Donald Trump and Xi Jinping in South Korea, confirming the U.S. president’s earlier statement.
"China will suspend the implementation of relevant export control measures announced on Oct. 9 for one year and will study and refine specific plans," the ministry said in a statement.
The ministry added that China would make "corresponding adjustments" to its countermeasures against U.S. tariffs, noting that both nations have agreed to continue certain tariff exclusion measures.
"The United States will suspend for one year the implementation of a new rule announced on Sept. 29 that expands its 'entity-list' export restrictions to any entity that is at least 50 percent owned by one or more entities on the list," the statement said.
Earlier, Trump announced that Washington would ease tariffs on Chinese imports in exchange for Beijing’s efforts to curb fentanyl trafficking, resume purchases of U.S. soybeans, and maintain rare earth exports.
Under the arrangement, the U.S. will cut tariffs linked to fentanyl-related goods from 20% to 10%, reducing the overall tariff burden from 57% to 47%.
The Oct. 9 Chinese export controls had tightened restrictions on rare earth processing and manufacturing technologies, banning cooperation with foreign firms without government approval.
Trump initially responded by threatening to impose 100% tariffs on Chinese products and restrict exports of critical software. He had warned the measures would take effect on Nov. 1 "over and above any tariff that they are currently paying," but later softened his stance, easing tensions ahead of his talks with Xi.
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