Overview

• China’s latest rules require foreign exporters to secure licenses even when products contain only trace amounts of Chinese rare earths, intensifying supply constraints.
• U.S. Treasury Secretary Scott Bessent said Washington will not negotiate based on stock-market swings, as rare‑earth company shares fell following the announcement.
• President Donald Trump threatened higher tariffs, while Bessent signaled the current U.S.–China tariff pause could be extended if Beijing delays its restrictions.
• G7 finance ministers said they are considering a coordinated response and the U.S. plans to seek broader backing from European partners and regional democracies.
• European firms report steep price increases—at times approaching 200%—and tighter availability, with Germany’s industry flagged as highly exposed and EU recycling capacity operating well below potential.