China Expands Rare Earth Export Controls Ahead Of Trump-Xi Summit, Tightening Rules On Defence And Chip Firms

Benzinga

China expanded rare earth export controls, adding five elements and tightening rules for defense and chip firms. The move, ahead of a planned Trump-Xi summit, mirrors U.S. chip curbs and sent Chinese producer stocks up nearly 10%.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02China tightened rare earth export controls on Thursday, adding five new elements and

00:06expanding restrictions to foreign defense and semiconductor firms that, according to Reuters,

00:10Ministry of Commerce said the new rules, which take effect November 8th,

00:13will require overseas producers using Chinese rare earth materials or equipment to obtain

00:17export licenses. Applications tied to military use will be denied, while those involving advanced

00:22semiconductors will be reviewed individually. Curbs come ahead of planned Trump-G summit in

00:26South Korea and mirror U.S. measures restricting chip dive sports to China. Shares of major Chinese

00:31producers, including China Northern Rare Earth, China Rare Earth Resources, and Shanghai Resources

00:37surged nearly 10% following the announcement. For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended