This week, President Donald Trump imposed at least 54% tariffs on nearly all imported Chinese goods, and Beijing hit back with 34% duties for goods from the U.S. In addition to these taxes, Bloomberg reported that China is restricting the export of seven rare earth metals as part of its move against Washington.
The Ministry of Commerce for the People’s Republic of China is sanctioning the following materials: samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium. Although these resources aren’t widely known to the public, they’re crucial for producing some of our most advanced technologies. For example, some of these materials are used in the magnets found in the motors of electric vehicles, while others are used for creating superconductors. Some are also used in storage media to improve efficiency and performance, and several more are found in nuclear reactors.
