Rare earth metals

The countries will also pursue more favourable tariffs on US$30 billion of non-sensitive goods

In 2024, China accounted for about 94% of global rare earth permanent magnet manufacturing

These components, used in everything from cars to consumer goods, give Beijing leverage in trade

Evidence indicates that the country’s export restrictions would cost the West far less than often feared

Demand for rare earths remain strong

Tokyo provides a good model for developing supply chain resilience for critical inputs

Efforts to spur critical minerals development and processing come before Chinese President Xi Jinping visits Washington in September  

The country has drawn significant interest from foreign miners and refiners

The move is the latest effort by the Trump administration to shore up supplies of critical minerals