The regime suspended export curbs on some rare earths and lithium-ion batteries for a year, restored soybean import licenses, and lifted a ban on U.S. logs.
Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China, on Oct. 31, 2010. Stringer /Reuters
Beijing on Nov. 7 suspended its latest export curbs on rare earth materials after reaching a year-long trade truce with the United States last week.
The regime is also restoring soybean import licenses for three U.S. companies, lifting an import ban on U.S. logs, and removing tariffs on certain U.S. optical fiber.
However, Beijing has not mentioned the export restrictions it imposed on April 4 on heavy rare-earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium.
In a brief notice, the Chinese Ministry of Commerce and its customs agency stated that they are suspending all export restrictions announced on Oct. 9, affecting man-made diamond; rare earth metals including holmium, erbium, thulium, europium, ytterbium; certain lithium-ion batteries; and rare earth technologies including mining, smelting and separation, magnet material manufacturing, and recycling of secondary resources.
The restrictions, most of which were set to take effect on Nov. 8, will be suspended until Nov. 10, 2026.
Separately, China’s customs agency reversed the suspension of soybean import licenses for Minnesota-based farmer-owned cooperative CHS, Washington-based export grain terminal operator EGT, and Dutch-headquartered Louis Dreyfus Co. Merchandising, which operates globally, including in a number of states in the United States. The licenses will be restored on Nov. 10.
The regime suspended these licenses on March 4, citing quality issues, after U.S. President Donald Trump added an additional 10 percent tariff on Chinese goods to force Beijing to act on fentanyl control.
China’s import ban on U.S. logs, which has also been in place since March 4, will be lifted on Nov. 10.
The customs agency stated that it will also remove anti-dumping duties on certain U.S. optical fiber.
The tariffs, ranging from 33.3 percent to 78.2 percent, were imposed on Sept. 4 after a Chinese Ministry of Commerce investigation concluded that U.S. exporters skirted anti-dumping measures, according to Beijing.
The easing of restrictions is the result of a U.S.–China trade truce reached following talks in Kuala Lumpur and a meeting between Trump and Chinese leader Xi Jinping in South Korea.
Investor sentiment improved after the Trump–Xi meeting, reducing fears that the world’s two largest economies might abandon efforts to resolve their trade disputes.
Following the meeting, Beijing lifted tariffs on some U.S. farm goods that it had imposed in March and initiated modest purchases of American farm products, including two cargoes of U.S. wheat.
State grain trader COFCO also booked three U.S. soybean cargoes before the leaders met.
However, traders remain cautious, as a 10 percent tariff on all U.S. imports—including agricultural products—remains in effect, limiting expectations for a broader recovery in trade flows.
Reuters contributed to this report.