Today's Edition
BEIJING (THE NEW YORK TIMES NEWS SERVICE)
China's Ministry of Commerce has started issuing more export licenses for shipments of rare earth magnets in recent days, but the pace remains slow.
Many factories in the automotive sector and other industries in Europe and the United States, and a few in Japan, are running low on the magnets.
China makes 90% of the world's supply of these magnets, which are essential for cars, drones, factory robots, missiles and many other technologies.
After a 90-minute call Thursday with Chinese PresidentXi Jinping, US President Donald Trump wrote on social media that the two men had discussed rare earths. Trump mentioned that rare earths were a complex subject, but did not indicate whether anything had been decided about China's strict export licensing requirement, which Beijing imposed April 4.
Trump wrote on social media Friday that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US trade representative Jamieson Greer would hold further economic talks Monday in London with top Chinese officials.
When Trump was asked later on Air Force One whether Xi had agreed to allow rare earth minerals and magnets to flow to the US, Trump replied, “Yes, he did,” but did not elaborate.
China's statement Thursday about the call did not mention rare earths, however. Lin Jian, a spokesperson for China's foreign ministry, declined to answer a question about the minerals Friday at the ministry's daily briefing, saying that it was a matter for other agencies.
The Chinese Ministry of Commerce said Thursday before the two leaders spoke only that it would issue export licenses according to its new rules, introduced two months ago.
The US and European chambers of commerce in China each said Friday that somewhat more export licenses had been issued in recent days. But both groups emphasised that more were needed, as the Ministry of Commerce faces a huge backlog of detailed applications for licenses.
Rare earth metals, a group of 17 elements found near the bottom of the periodic table, have a wide range of industrial applications. China produces practically the entire world's supply of seven of the least common rare earths, including three that are crucial in making powerful, heat-resistant magnets.
