Donald Trump announced in a post on the Truth Social platform that additional tariffs will apply from November 1. He also noted that they may be introduced earlier – depending on the actions taken by Beijing. He emphasized that the rate was 100 percent. will apply in addition to the duties that have already been imposed on imports.
The Chinese authorities announced on Thursday further restrictions on the export of rare earth metals and technologies related to the production of lithium batteries. The restrictions, which will come into force on November 8, will cover five key metals from the lanthanide group and a number of advanced materials and technologies. The decision was justified by the need to protect state interests and national security.
The new regulations will cover metals such as holmium, erbium, thulium, europium and ytterbium, which play a key role in modern technologies thanks to their unique magnetic, optical and luminescent properties. The list of products subject to restrictions is wide and includes both pure metals and their alloys as well as materials for specialized applications. Exporters will need to obtain special licenses issued by China's Ministry of Commerce.
China is the dominant player in the rare earth metals market, i.e. raw materials necessary in the automotive, electronics and defense industries. According to United States Geological Survey estimates for 2024, global deposits of these raw materials amount to 110 million tons, of which as many as 44 million tons are in China. Additionally, the Middle Kingdom also controls approximately 90 percent. their processing. For comparison, Vietnam has deposits of 21 million tons and Brazil 22 million tons.
More information soon.
