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A new round of trade talks between US and Chinese officials got underway in London on Monday. They will focus on export controls on rare earths, chips and other issues.
Smoke was initially seen rising from a deck loaded with electric vehicles, the ship's owner said, after it left Yantai port in China. EV fires on ships are tough to extinguish due to the heat generated and risk of reignition
A licensing system set up by China for exports of rare earth magnets gives it leverage similar to America's chip export controls because of its near-monopoly on the sector.
China has introduced a tracking system for rare-earth magnets; producers have to submit details online on trading volumes and client names, as it looks to curb access
China's failure to lift export curbs on critical minerals, as promised in Geneva, has heightened concerns by carmakers and other firms that rely on rare earths
China's decision to suspend exports of critical minerals and magnets has upended supply chains to carmakers, aerospace manufacturers, chip firms and military contractors
US tariffs blamed after private survey finds manufacturing in China contracted in May for the first time in eight months - to the lowest level since September 2022.
Most Asian markets fell on Monday amid concern about the rise in trade tension between the US and China
US Trade Rep says China was slow to restore access to rare-earth minerals, while Beijing was unhappy about new export controls and other moves imposed by the White House
The move is the latest disruption in Chinese purchases of US ethane, which hit a record of 492,000 barrels per day in 2024
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