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News in English (USA) / 05.12.2024 / 00:00

China Imposes Export Ban on Key Minerals as Trade Tensions with the U.S. Escalate

In a significant move amplifying the ongoing trade conflict with the United States, China has announced a ban on the export of several key minerals, including rare earth elements, gallium, germanium, and antimony. This escalation comes in direct response to stringent U.S. restrictions targeting Chinese chip manufacturers and technology companies. Analysts suggest that these actions could have severe implications for the U.S. economy, particularly its ability to manufacture critical electronics and defense systems. The Chinese government has articulated that these measures are necessary to protect its national interests and retaliate against what they termed aggressive U.S. sanctions. Meanwhile, reactions from U.S. industry and investors indicate heightened concern and volatility in the markets, as dependencies on Chinese supplies for high-tech manufacturing come under scrutiny. The geopolitical dynamic continues to shift as both nations prepare for a prolonged trade war.
CBS News, DW (English), CNN, The New York Times, VOA Asia, Peterson Institute for International Economics, Bloomberg, Reuters, Financial Post, National Review