EU and US could reach trade deal this weekend - Reuters
Investing.com-- Shares of Australian rare earth miners rose on Monday after China imposed export controls on key rare earth minerals in response to U.S. tariffs, intensifying trade tensions between the two nations.
In response to hefty U.S. tariffs announced last week, China introduced export controls on several critical rare earth elements, such as samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium.
These minerals are vital for various industries, including defense and clean energy
Australia’s Lynas (F:LYI) Rare Earths Ltd (ASX:LYC), the world’s largest producer of rare earths outside China, saw its shares climb 3.3% to A$7.55, their highest in three weeks.
Other Australian-listed rare earth companies also experienced gains. Northern Minerals (ASX:NTU) shares jumped nearly 10% on Monday.
In contrast, Australia’s benchmark S&P/ASX 200 index fell as much as 6.5% to a 1-year low on Monday, while the sub-index S&P/ASX 300 Metals & Mining lost 6%.
China’s actions are seen as direct responses to the U.S. administration’s decision to implement a 34% additional tariff on Chinese imports, further intensifying the trade conflict between the two nations.