China’s US-bound shipments of rare-earth magnets so far this year are 20% below average levels seen between 2022 and 2024, customs data showed, despite the countries’ trade truce.
As part of last year’s agreement with Washington, Beijing committed to a one-year pause in implementing sweeping export restrictions over the critical materials, which are essential to defense and energy manufacturing.
Although the White House has refrained from publicly criticizing Beijing in hopes of maintaining stable relations, the US trade representative recently acknowledged that China’s compliance with the pact was “not perfect,” Bloomberg reported. Washington has allotted billions to secure critical minerals outside China, a spending spree that has raised concerns it could leave Europe even more reliant on Beijing.