China is planning an export ban on rare earth magnets on the grounds of “national security,” according to recent reports. These magnets are found in electric vehicles, wind turbine motors, and even military planes. As the United States and other Western countries push toward decarbonization, China looks to corner the growing electric vehicle market because it currently dominates in this sector of rare earth magnets.
According to reports, Beijing is updating its lists of industrial technologies subject to export controls. China released a draft version back in December.
If that ban comes into play, it’ll put a dent in the goals of the United States and Europe, which don’t manufacture these minerals on their own. Leading critics to note a growing dependency on China.