China imposes export controls on two U.S. rare earth producers, citing ‘national security’

China added two rare earth producers in the United States to its export control list on Monday.In a statement, China’s Commerce Ministry said the controls against MP Materials Corp. and USA Rare Earth Inc. are necessary to “safeguard national security and interests,” Bloomberg reported. 
The companies are now forbidden from importing Chinese goods that can be used for both commercial and military purposes. 
The ministry later issued another statement saying the additions were a response to the Pentagon’s decision to add major Chinese companies to a list of firms accused of supporting the Chinese military. 
The companies are part of the Trump administration’s efforts to reduce dependence on China for rare earths by establishing domestic sources of the commodities. MP Materials operates the only major rare earths mine in the U.S. 
China’s controls are mostly symbolic as both companies say they’ve largely cut off supplies of equipment and materials from China. 

Read Full Article: https://justthenews.com/world/asia/china-imposes-export-controls-two-us-rare-earth-producers-citing-national-security?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators