At least two transformers' manufacturers received official notifications from the Chinese government demanding to stop the export of any equipment containing heavy -based Chinese origin, American military contractors or the American military.
In a letter that warns that violations may entail sanctions or other regulatory actions, the nature of potential fines is not specified. However, companies are afraid that Beijing can completely block the sale of metals, the newspaper writes.
This is the first time that China has officially took export control measures regarding non -American companies related to the world's largest economy, the publication says. Korea Economic Daily notes that if China continues to aim such export control measures for Korean firms, the consequences can significantly undermine the growth of the country's economy, which largely depends on export, especially in such advanced production sectors as semiconductors, batteries and electric cars.
Earlier this month, China issued an order allowing the export of six heavy rare earth metals and rare earth magnets from the country only with special export licenses, the receipt of which takes about 45 days.
Context
On April 2, US President Donald Trump announced the introduction of duties on the import of goods from many countries, their level is from 10% to 49%.
A number of leaders of countries He condemned new global mutual duties, including China.
The American president introduced an additional 34 percent tariff for Chinese goods within high duties imposed on most US trading partners, bringing total duties for China this year to 54%. China responded with a series of countermeasures, reported Reuters.
April 3 Trump said he was ready To reduce import tariffs if other countries offer him something “phenomenal”.
April 7 representative of the Chinese Foreign Ministry Lin Jiang stated that threats and pressure are not the right way to conduct business With China, and called the mocking duties that Trump introduced.
On the same day, Trump said he would introduce additional duties of 50% against China, if he does not cancel his last tariffs of 34%, introduced in response to American duties.
April 9 became known that In response to Trump’s tariff policy, China raised to 84% of the duty on American goods.
On the same day, Trump announced a 90-day pause in the accrual of previously introduced duties and an increase in the tariff for China to 125%. After which he called the Chinese leader a friend.
On April 16, the White House said that some Chinese goods, such as electric cars and syringes, are taxed by an American duty of 245%.
