Overview

• China expanded export controls covering rare earths, processing technologies and equipment, with most measures taking effect on November 8 and December 1, and new licensing rules that deny military or dual‑use applications.
• Treasury Secretary Scott Bessent said there were substantial weekend communications, staff‑level talks are expected during the IMF–World Bank meetings, and the planned Trump–Xi meeting in South Korea is still expected to proceed.
• Beijing urged Washington to withdraw the 100% tariff threat and warned it would take resolute countermeasures if the United States moves ahead.
• The Pentagon, via the Defense Logistics Agency, is preparing to buy up to $1 billion of critical minerals to rebuild stockpiles and reduce reliance on China, according to public filings reported by the Financial Times.
• Markets see‑sawed as rare‑earth and mining stocks jumped on expectations of U.S. procurement and tighter Chinese supply, while broader equities rebounded Monday after Trump signaled the tariff may not be necessary.