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China’s exports of rare earth products jumped to a near-record 7,338 tons in August, marking the highest monthly volume since 2012, according to customs data cited by Bloomberg on Friday.
The data comes right before a scheduled phone call between Chinese President Xi Jinping and US President Donald Trump, during which they are expected to discuss trade and critical minerals.
China is the world’s largest producer of rare earths, a group of 17 minerals used in a multitude of high-tech applications, ranging from consumer electronics to fighter jets. With control over 70% of the global mine supply and almost all of the processing, the nation has a near-monopoly status in the rare earth sector.
In April, at the height of the US-instigated trade war, Xi’s government leveraged its dominance in rare earths by placing export restrictions on some minerals and related products, in particular…
