BRUSSELS — The Chinese government on Thursday announced broad new export controls on rare-earth magnets and their raw materials on grounds of national security, drawing immediate criticism from the United States and the European Union over the surprise move.
Beijing imposed the export crackdown before President Xi Jinping is expected to meet U.S. President Donald Trump later this month. Washington currently charges tariffs of 57.6 percent on Chinese goods.
Importers will need a government license to access not only certain rare-earth magnets, but also refined metals and alloys that go into magnets.
The White House and relevant U.S. agencies were closely assessing any impact from the new rules, which were announced without any notice and imposed in an apparent effort to exert control over the entire world’s technology supply chains, a White House official said.
