China To Suspend Rare Earth Export Controls After Trump-Xi Meeting

China will suspend its export controls on rare earth minerals for one year after Presidents Donald Trump and Xi Jinping agreed to ease trade tensions between the world's two largest economies.

Beijing said the export control measures announced on Oct. 9 will be halted for one year and the government will study and refine specific plans. The country has a virtual monopoly over rare earth minerals, processing technology and capacity.

Exports of technologies and their carriers related to rare earths mining, smelting and separation, as well as metal smelting, magnetic material manufacturing, and the recycling and utilisation of rare earths from secondary sources were halted earlier this month.

The export controls were in response to US tariff measures that were set to kick in after an interim trade pact was due to expire.

"China is willing to work with the US to jointly safeguard and implement the important consensus reached at the meeting between the two heads of state," the Ministry of Commerce said.

China’s rare-earth metals are much in demand as the US, the European Union, and India are its top importers.

Beijing clamped controls on the export of specific minerals in July 2023 and steadily expanded the number of rare earths subject to these controls since then.