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

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

Analysts say countries in Southeast Asia like Vietnam, Thailand and Malaysia, plus Mexico, who are part of the China-plus-one supply chain, will need to make better deals with Washington. 

Industry sources expect Beijing to ease process for US firms to get export licences for rare earths, while Australia is looking to set up a strategic reserve stockpile of critical minerals

Asian markets rose, while the yuan and the dollar both surged after China and the US both said they have agreed to slash tariffs for 90 days

Beijing has grown increasingly alarmed about the impact of US tariffs on the economy and the risk of isolation as other countries started negotiating deals with Washington

Working groups will discuss key issues in new trade talks, but Seoul must hold an election before it can make commitments on big energy projects and defence costs

China seems to be taking leaves from the American playbook as it steps up its retaliation against Donald Trump's tariff war