A step-up in US-China trade tensions.
The world’s top processor of rare earths says it won’t share its technology with other countries.
On Thursday, China’s commerce and technology departments announced a ban on exporting critical technologies tied to processing rare earths. The decision cited national security concerns.
The ban will cover technology in almost every step of the refining process: mining, extracting, smelting, and separating the strategic metals.
Rare earth metals are critical for both civil and military use, from making weapons and warships to smartphones and electric cars.
China’s new restriction specifically targets technology linked to the electrical and aeronautical industries.
Biden Eyes on Increasing Tarries on China’s Exports
The White House is eying ways to cull Chinese electric vehicles from the U.S. market.
The Wall Street Journal reported on Thursday, that Biden administration officials are in talks over raising more tariffs on certain Chinese imports.
Chinese EVs, EV batteries, and solar products are all on their radar.
Experts say cheap exports from China have been stiffing America’s auto industry within the U.S. border despite the current restrictions.
Former President Donald Trump imposed tariffs on Chinese goods worth nearly $300 billion.
President Joe Biden is looking to hike up those fees in order to protect American brands.