China has introduced new regulations requiring foreign companies to obtain special approval for the export of products containing rare earth elements sourced from the country. These minerals are critical components in both consumer and military goods, and China is a dominant global supplier, accounting for approximately 70% of rare earths mining and 90% of global processing.
Chinese officials stated that export licenses would be granted for legitimate civilian applications, while acknowledging the military relevance of these elements. Concurrently, the U.S. President characterized China’s actions as “very hostile,” asserting that Beijing is restricting worldwide access to these essential metals and magnets.
The Chinese Commerce Ministry noted that these measures follow recent U.S. restrictions, including expanded export controls on Chinese companies and new port fees for Chinese vessels. In a reciprocal move, China announced it would impose its own port fees on American ships.
Source: https://www.livemint.com/news/world/china-vows-to-stand-firm-against-trumps-100-tariff-threat-11760243655760.html