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Investing.com -- Following Monday’s trade war truce, Beijing is expected to expedite the approval process for rare earth export permits for U.S. customers, according to a Reuters report on Monday. However, a complete removal of the restrictions is unlikely.
In April, China added seven rare earths and related items to a control list in response to U.S. tariffs. This decision requires exporters to apply for licenses before selling these items outside China. The recent truce could lead to the Ministry of Commerce speeding up approvals, which theoretically take 45 days, and possibly granting licenses for U.S. customers in the near future.
The report said, "We are expecting to see an acceleration in the issuance of the required export license and exporters with clients in the U.S. might get a license soon."
Despite this, China is not expected to completely remove the export controls. These restrictions are part of a broader package of measures, aimed at giving Beijing more control over various critical minerals where it holds a dominant position in mining or processing.
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