Beijing Pledges New Openings on Rare Earth Exports to the United States

On Friday, China announced that it will approve applications for rare earth exports to the United States, signaling a potential easing of tensions in trade negotiations between the world’s two largest economies. In a statement released through state media, China’s Ministry of Commerce said it would “review and approve eligible export applications for controlled items in accordance with the law.”
The statement was issued in response to a question specifically concerning this topic and referred to the truce reached in Geneva last May, where rare earths were a key point of discussion. Following a follow-up meeting in London, aimed at reaffirming the commitments made in Geneva, Beijing indicated that the U.S. intended to lift a number of measures imposed on China, though it provided no further details.
On Thursday, during an event at the White House, President Trump announced the signing of a deal with China, though he made no mention of rare earths. U.S. Commerce Secretary Howard Lutnick later clarified that the agreement had been formalized two days earlier.
The issue is of strategic importance for U.S. industries that depend on rare earth magnets for the production of electric vehicles, jet fighters, and other advanced technologies. China currently controls around 90% of global output. Ford recently reported sourcing difficulties that led to a production halt at a plant near Chicago.

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Source: The Wall Street Journal