NYT has learned about China's restrictions on exports of rare earth metals and magnets

China has restricted exports of a wide range of rare earth metals and magnets amid a trade war with the United States. This was reported on April 14 by The New York Times (NYT).

"China has suspended exports of a wide range of critically important minerals and magnets, threatening to cut off supplies of components needed by automakers, aerospace companies, semiconductor manufacturers and military contractors around the world," the material says.

It is noted that export suspensions have occurred in many Chinese ports. At the same time, the Chinese government is developing a new regulatory system, the NYT said. According to the newspaper, after the system is put into effect, it can deprive certain companies of supplies forever.

In particular, the measures taken will have a serious impact on the production activities of American military contractors, as well as on exports to Japan and Germany.

The NYT clarifies that if rare earth metals are depleted, factories in Detroit and other cities may have difficulty assembling cars and other products with electric motors that require magnets. At the same time, it is difficult to predict the moment of the beginning of interruptions.

Market conventions: China and the EU may join forces in a trade war against the United States

The share of their total GDP in the global economy will reach a third in the coming years, but it is unlikely that the countries will remove all barriers.

Yesterday, the Financial Times newspaper reported that US President Donald Trump's trade war against China is doomed to failure for several reasons at once. According to the newspaper, China is well prepared for a war of economic attrition against the United States.

On the same day, The Washington Post predicted the economic collapse of the United States and China due to the escalation of the trade war. It is clarified that this confrontation increases the risk of massive economic consequences and an escalation of the conflict between Washington and Beijing.