China introduced restrictions on the export of some types of rare earth metals in response to a 34 percent increase in customs duties introduced by the United States to products imported from the country by “mutual tariffs”.
According to the Ministry of Commerce of the PRC, the list of export control from April 4 will include medium and heavy rare metals of seven species, including Samaria, Hadolinium, Terbs, Dysprosions, Lutetius, Scandium, ITTRIS and their alloys. Chinese suppliers will be able to export these types of rare earth metals only with the permission of the government.
In addition, Chinese customs officers can confiscate goods that presumably contain prohibited elements.
Data of rare earth metals, most of the world supplies of which China provides, are used in a wide range of production: from weapons to high -performance engines, from nuclear reactors to electronic and optical equipment, from space to medical diagnostic devices, from accumulators and fuel elements to semiconductors and superconductors.
China today produces about 90% of all rare earth metals in the world.
Such initiatives of China followed after the statement of US President Donald Trump about the intention to introduce additional 34 percent duties on Chinese goods as part of “mutual duties”.
The Washington Administration announced that an additional customs tariff of 34 percent will be introduced in relation to China in addition to the basic tariff of 10 percent, including the “mutual tariff” in the amount of 24 percent. Thus, the total rate of duties on goods imported from China will now be 54 percent.
In response, Beijing authorities from April 10 introduce additional 34 percent duties on all products imported from the USA.