China on Friday signaled it would approve the export of rare earth minerals to the US, hours after White House officials said the two sides had reached a deal, in what would be a major breakthrough following weeks of negotiations over US access to the key materials. Rare earths – essential in everything from everyday electronics to fighter jets – had become a key focus of trade frictions between the world’s two largest economies in recent weeks as their tit-for-tat tariff escalation morphed into a supply chain struggle.
“China will approve the export application of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly,” China’s Ministry of Commerce said in a statement.
