Peru declares 30 days state of emergency in Lima , At least 38 killed in tanker explosion in Niger state of Nigeria, UPI transactions surge to Rs 94,000 crore daily in Oct, set for record festive month, Home Ministry panel holds talks with Ladakh leaders on key issues,

US seeks India, Europe support amid China’s rare earth curbs

Amid escalating trade tensions with Beijing over its new export restrictions on rare earth minerals, US Treasury Secretary Scott Bessent stated that Washington expects strong support from India, Europe, and other allied democracies.According to information,last week, China’s Ministry of Commerce announced sweeping restrictions on rare earth exports to companies with links to foreign militaries  a move that has raised concerns in Washington over the potential impact on America’s defence manufacturing capabilities. The curbs could disrupt production of critical platforms such as F-35 fighter jets, advanced submarines, and long-range Tomahawk missiles.“We have already been in touch with the allies. We will be meeting with them this week and, you know, I expect that we will get substantial global support from the Europeans, from the Indians, from the democracies in Asia,” Bessent stated. He emphasised that the restrictions mark a major escalation, describing the situation as “China versus the world.”“They have pointed a bazooka at the supply chains and the industrial base of the entire free world,” Bessent stated, highlighting the threat posed by China’s dominance in the rare earth sector. “China is a command-and-control economy. They are neither going to command nor control us. We are going to assert our sovereignty in various ways,” he added.

Rare earths, a group of 17 metallic elements, are vital to both commercial and defence applications  from electric vehicles and smartphones to lasers, radar, and missile guidance systems. According to the American Geosciences Institute, nearly 97 per cent of global production and about 90 per cent of processing capacity are concentrated in China, giving Beijing significant geopolitical leverage.Bessent asserted that China’s actions were “provocative” and that the United States remained committed to maintaining global stability. “The United States is pushing for peace in the world. China is financing war,” he stated, noting that Washington will continue to engage with partners to mitigate the impact of the export controls.
US President Donald Trump is reportedly expected to meet Chinese President Xi Jinping in South Korea later this month. On Sunday, Trump sought to calm fears of an escalating trade conflict following his threat to impose 100 per cent tariffs on Chinese imports. “Don’t worry about China, it will all be fine! The USA wants to help China, not hurt it!” Trump wrote on Truth Social.China currently controls about 70 per cent of global rare earth mining and nearly 90 per cent of processing capacity. The latest export restrictions have deepened uncertainty in global supply chains and added strain to already fragile trade relations between the two powers.Meanwhile, the United States and India have been expanding cooperation in critical minerals and rare earths to reduce dependence on China. In 2023, India joined the US-led Minerals Security Partnership to diversify global supply chains. During Prime Minister Narendra Modi’s visit to Washington earlier this year, both nations launched the Strategic Mineral Recovery Initiative to enhance investment and research in extracting critical minerals including lithium, cobalt, and rare earths from heavy industries such as aluminium, coal mining, and oil and gas.However, trade relations between India and the US have also seen friction, with Washington imposing 25 per cent reciprocal tariffs and an additional 25 per cent levy on India’s imports of Russian oil, bringing total duties to 50 per cent. New Delhi has called these tariffs “unjustified and unreasonable.”

 


Newsinc24 is now on telegram. Click here to join our channel @newsinc24 and stay updated with the latest news from politics, entertainment and other fields.

Food & Lifestyle

Healthy cooking is not about deprivation or counting calories. It's about being smart and mindful about ingredients and cooking methods.

Read More

Crime

Former Punjab DGP Mohammad Mustafa has  dismissed the allegations, saying the truth will be revealed before the public in the coming days.

Read More

Opinion

Metal detectors greet citizens at every turn: malls, metro stations, schools, even temples.Barricades choke highways.

Read More

Credibility Matters at Newsinc24.com because it is a website that gives you fast and accurate news coverage. It provides news related to politics, astrotalk, business, sports as well as crime. Also it has book promotion too. We known for our credibity. You can contact us for your querries on our email address. And, If you want to know more about us, then check the relevant pages for this purpose.