The Chinese government has decided to stop the export of some rare earth metals and magnets in the context of the trade war with the United States, which could negatively affect the global auto, semiconductor and space industries, the New York Times reported.
The newspaper writes that the Chinese government is developing a new export regulation system, stopping the supply of magnets and heavy rare earth metals from many of its ports, necessary for the assembly of cars, drones and missiles.
According to the publication, the measures taken could seriously affect the production activities of certain companies, including American military contractors, and supplies to Japan and Germany.
As the newspaper notes, supplies of rare earth magnets make up a small share of China's total exports and therefore will not cause serious economic damage to the country, but could have serious consequences for the US and other countries.