00:00Welcome back. China is tightening its grip on rare earth exports, announcing new restrictions on processing technology and banning any unauthorized overseas cooperation.
00:12The new rules also confirm plans to limit exports to foreign defense and semiconductor industries.
00:21China produces more than 90% of the world's processed rare earths and magnets.
00:26These critical elements are essential for making electric vehicles, aircraft engines and military radar systems.
00:34Under the new measures, restrictions on magnet technology will now apply to more types of magnets.
00:40Controls will also extend to components and assemblies that contain these restricted materials.
00:46Beijing will require export licenses for equipment used to recycle rare earths, further tightening its control over the supply chain.
00:53The move comes just a day after U.S. lawmakers called for broader bans on exporting chipmaking equipment to China.
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