China announced harsh export controls on some gallium and germanium products, effective August 1, which in turn has intensified the trade war with the United States.. This could cause further disruption to global supply chains, Reuters reported.
“Chinese industry players they also fear restrictions on exports of rare earths“adds the news.
The news quotes Peter Arkell, president of the China Global Mining Association, as saying that “China has hit US trade restrictions where it hurts the most“.
The Ministry of Commerce will meet with the main producers of these metals on Thursday to discuss export restrictions, four people familiar with the matter told Reuters.
China’s latest retaliation they are a reaction to the US brake on shipments of artificial intelligence chips to Beijing. Along the same lines is the news from the Wall Street Journal (WSJ) that the administration Biden Set to Restrict Chinese Companies’ Access to US Cloud Computing Services.
key details
A US maker of semiconductor wafers said Tuesday it was seeking export permits, while a China-based germanium producer said inquiries from buyers had come in as prices rose.
The eight gallium and six germanium products mentioned are also used in other high-tech industries.
Some in the metals industry fear China will impose new restrictions on rare earth exports, after halting shipments 12 years ago over a dispute with Japan.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
