Currently, the United States is conducting an investigation into Chinese trade policies and practices, which will be completed soon. It was in the spring of this year that the investigation was launched. The United States retaliated the following year by levying tariffs on billions of dollars' worth of Chinese imports, sparking a global trade war that has continued to this day with no end in sight. In direct response to the United States of America's action, Beijing has responded in kind by taking a retaliatory measure of equal significance. Due to escalating tensions over the course of several months, both countries agreed in December to temporarily halt the implementation of new trade tariffs in order to facilitate future negotiations. After a cautiously optimistic start to the year, tensions have skyrocketed to potentially life-threatening levels. In the last five years, according to the International Trade Administration, the United States has increased its tariffs on Chinese imports by more than $200 billion, a more than double increase from 2009. Xi Jinping, the president of China, responded by increasing tariffs on goods imported from the United States worth more than $60 billion dollars as a result of this. This occurred more than three days after the previous event.
HOW DO YOU KNOW WHERE TO FIND THE MOST UP-TO-DATE TARIFFS AND WHOSE THEY EXACTLY ARE?
During the course of the calendar year, the United States imposed three rounds of tariffs on Chinese imports, with a combined value of more than $250 billion, as a result of an investigation that had lasted a year
The products that individuals in this profession deal with range from industrial to consumer goods
In response, Beijing imposed tariffs on US goods valued at ten billion dollars, prompting accusations that the United States had launched the largest trade war in the history of the global economy
The Chinese government has targeted specialized products such as chemicals, coal, and medical equipment for import duties that range between 5% and 25%, depending on the type of product being imported
Furthermore, products manufactured in Republican-leaning districts across the country, as well as those that can be procured from alternative sources, such as soybeans and corn, are being targeted
For a variety of reasons, including those listed below, rare earth metals have become increasingly important in the current trade conflict. What are the most important rare earth metal resources, why are they so sought after, and what factors contribute to their scarcity are all important questions to consider.
Rare earth metals are a group of 17 elements that are widely used in a variety of fields, including renewable energy technology, oil processing, and electronic manufacturing. Rare earth metals are used in the manufacturing of a wide range of products. Despite the fact that they have been classified as rare by the United States Geological Survey, it is possible to find them in large numbers throughout the Earth's crust. As a result of a variety of factors, including the difficulty in extracting them as well as the potential environmental consequences of the processes used to refine them, these metals are mined or produced in such small quantities around the world. Global production of rare earth metals is dominated by China, which produces more than 70% of global output, with the remaining 30% originating in other countries around the world, according to the International Energy Agency.
A tweet published last week by the editor of China's state-run Global Times stated that the country is considering limiting rare earth exports to the United States. There have been restrictions on the export of rare earth metals in the past, and this would not be the first time that China has imposed such restrictions on rare earth metals in the recent past. The legal action against Japan, which was only initiated in 2010, was only recently initiated in the context of a territorial dispute between them.