🇨🇳🇺🇸US-China trade truce at risk of collapse over rare earth metals
China has refused to implement an agreement on expedited licensing for the export of rare earth elements, which are key to the auto industry and chip manufacturing.
▶️The parties had previously agreed: the US would temporarily suspend tariff escalation for 90 days, while China would simplify exports.
▶️After the US banned supplies of AI chips to Huawei, Beijing revised its position.
▶️Donald Trump accused China of completely violating the agreement.
▶️In response, the US tightened export controls, including on the C919 aircraft project.
▶️New tariffs on pharmaceuticals and, possibly, the revocation of student visas from China are coming.
