Rare earth export curb won't hurt global supply chain: China

BEIJING: China says that its export controls on rare earths will not affect the stability of the international supply chain, according to a statement from the China Nonferrous Metals Industry Association on Sunday.

As part of China's retaliation to Donald Trump's so-called reciprocal tariffs on Chinese products, authorities in Beijing announced immediate restrictions on the exports of seven types of rare earths. The country is the world's biggest producer and exporter of rare earths.

The Chinese government's export controls on rare earth-related items reflect its determination to maintain world peace and security, the trade body said.

"As long as companies do not engage in activities that harm China's national sovereignty, security and development interests, the export control measures won't affect their normal operation and trade," the association said. "Nor will they affect the stability and security of international industrial and supply chains."

Trump: China Has Been Hit Harder Than US
President Donald Trump said the US is "bringing back jobs and businesses like never before," according to a post on his social media platform Truth Social on Saturday.

"THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN," he said in the post, though "it won't be easy." The president also hailed "more than five trillion dollars of investment," a figure that he said was "rising fast" without giving further details.

Trump also wrote that China "has been hit much harder than the USA."

On Friday, Trump condemned China's move to slap a 34% charge on all American goods in response to his reciprocal tariffs, which raised duties on Chinese imports to at least 54%.