SHANGHAI, Aug 8 (SMM) – China's rare earths association said it would resolutely support the actions taken by the Chinese government to counter US tariffs.
This came after the re-escalation of the trade tensions between Washington and Beijing, triggered by US President Donald Trump’s announcement last week that tariffs of 10% would be imposed on another $300 billion worth of Chinese goods.
The Association of China Rare Earth Industry expressed “firm opposition” to US tariff threats in the statement after a special working meeting on Monday August 5 to discuss the guidance given by Chinese President Xi Jinping during a visit to a rare earth plant in Jiangxi in May.
Xi's visit stoked fears that China may use rare earths as a weapon in the trade war with the US, given its dominance over the production of such materials, which are used in everything from consumer electronics to military equipment.
The statement also showed that the rare earths group discussed how to develop and optimize the industry at the meeting.
