China’s latest export controls on rare earth minerals could cause shutdowns in automotive production, with stockpiles of essential magnets set to run out within months if Beijing fully chokes off exports.
Beijing expanded its export restrictions to seven rare earth elements and magnets vital for electric vehicles, wind turbines and fighter jets in early April in retaliation for US President Donald Trump’s steep tariffs of 145 per cent on China.
Government officials, traders and auto executives said that, with inventories estimated to last between three and six months, companies would be racing to stockpile more material and find alternative supplies to avoid major disruption.
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