⚠️BREAKING: *CHINA ANNOUNCES NEW EXPORT CURBS ON KEY CHIPMAKING METALS IN LATEST TECH WAR WARNING TO U.S, EUROPE 🇨🇳🇺🇸🇪🇺
BEIJING/SHANGHAI - China's restriction of exports of some metals widely used in semiconductors, electric vehicles and high-tech industries has ramped up a trade war with the United States and could potentially cause more disruption to global supply chains.
"China has hit the American trade restrictions where it hurts," said Peter Arkell, chairman of the Global Mining Association of China. "Gallium and germanium are just a couple of the minor metals that are so important for the range of tech products and China is the dominant producer of most of these metals. It is a fantasy to suggest that another country can replace China in the short or even medium term," Arkell said.
A manager at a China-based germanium producer said his company had received several queries from buyers in Europe, Japan and the U.S. hoping to stockpile product before the export controls take effect. The buyers were anticipating it could take as long as two months to obtain export permits. Some downstream users with long-term sales contracts"are vexed about a possible jump in raw material prices, as it raises their production costs and may cause them losses", he said, declining to be named citing the sensitivity of the matter.Taiwan Economy Minister Wang Mei-hua said the short-term impact would not be large, but they would pay attention to how the situation may play out in the long term.
Shares of Australian rare earths producers also rallied as investors placed bets that more curbs could be imposed. Shares in Lynas Rare Earths, the world's largest producer of rare earths outside of China, rose 4%.China's controls come as Washington mulls new restrictions on the shipment of high-tech microchips to China, following a series of curbs in recent years.
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