Bad news for US president Trump as China increases its hold on critical minerals, Xi Jinping gives new tension by changing….

In a big step towards controlling the global supply of critical minerals, China has now increased control over its domestic and imported resources for refining.

China rare earth minerals: In a significant development for the global development, China, under leadership of President Xi Jinping, has introduced stricter laws on rare earth minerals. Tightening control over both domestic and imported resources for refining, China is taking a step which will haunt the global economy and more specifically, the United States for months. As per the recent order issued by China, companies must now follow government-set quotas, obtain permission for trade, and provide accurate production data. Here are all the details you need to know about China’s decision on rare earth minerals and how it will impact the world.

Why are rare earths minerals important?

Talking about the importance of Rare earth minerals, they are critical for high-tech products like EVs, smartphones, and fighter jets. Notably, China, which controls 90% of global processing and holds half of the world’s reserves, also imports from Myanmar but bans export of refining technology, ensuring monopoly. As per a report quoting experts, this move is seen as a response to the US, led by President Donald Trump especially amid ongoing trade tensions, and could further pressure America’s supply chains.

Story highlights:

1. China has introduced stricter laws on rare earth minerals.
2. Now, Chinese companies will have to follow the new order on rare minerals.
3. It is a bad news for US but India should not be worried as it has been promised of proper supply.

China assures India to address its concerns over rare earths

In the recent development, China assured India to address its major trade concerns, especially around the import of rare earths and fertilisers. Chinese Foreign Minister Wang Yi has told External Affairs Minister (EAM) Dr S Jaishankar that Beijing is addressing India’s three key concerns — rare earths, fertilisers and tunnel boring machines, as per a report by IANS news agency.

(With inputs from agencies)