In the dispute over Chinese export control of uncommon earths, the president of the United States Donald Trump He says he's reached an agreement with the president. Xi Jinping (72). The obstacles were removed and the agreement would initially apply for a year, Trump said after the meeting. He hopes that the word “rare earth metals” “will vanish from our dictionary for a while”, he told journalists on board Air Force They were on a return flight from South Korea to USA.
According to Trump, the agreement is valid for 1 year and can then be extended for another year after the negotiations. The president of the United States initially did not give any further details about the announced agreement.
The Chinese government confirmed that any export restrictions on rare-earth elements would be suspended for 1 year. The measures announced on 9 October will initially not be implemented, announced on Thursday by the spokesperson of the Ministry of Trade in Beijing.
An agreement was besides reached on tariffs for fentanyl
In addition, Trump announced a 10-point tariff simplification on fentanyl for Chinese products. These additional import duties, originally of 20%, were introduced by the Trump administration in consequence to the fatal fentanyl crisis in the US. Washington has long accused Beijing of insufficient action to halt the flow of substances needed to produce synthetic opioids. According to Trump, duties on Chinese products will now amount to 47%.
Beijing was already expected to suspend the planned extension of export controls by 5 further uncommon earth elements, scheduled for 8 November. As of April, the People's Republic of China has required companies to undergo a complex and lengthy application process in order to be able to export 7 of these natural materials. China They argue that the measurement is intended to prevent unauthorised usage of materials which are besides crucial for the defence industry, for military purposes.
Raw materials for advanced technology and engines
China is the world's leading maker and processor of uncommon earth elements – and they have utilized this as a force of force in negotiations with the United States. These natural materials and magnets are essential in industry, as well as in high-tech and defence sectors. The uncommon earth elements are found in smartphones and tv screens, as well as in electrical motors, semiconductors and turbines.
A full of 17 metals, due to their chemical composition, fall into the category of uncommon earth elements. Each of these elements has circumstantial properties that make it valuable in certain products. Although uncommon earth elements – contrary to what their name might propose – are not necessarily rare, the challenge is to find them in sufficiently advanced concentrations to make their extraction profitable.
China has rich mineral resources. However, their extraction is complicated and harmful to the environment. To release them from the rocks in which they are bound, immense amounts of water and energy are needed. China has specialised in this process and thanks to low prices has become almost a monopolist on the planet marketplace of uncommon earth elements. another countries, specified as Brazil, India And Australia, they besides extract uncommon earth elements.
