By Admin 
China is creating a new licensing system to make the export of rare earth minerals faster and easier. However, China has not given any indication of removing the restrictions imposed on these minerals, which has shocked US President Donald Trump. China’s Commerce Ministry told some wholesalers that they will be able to apply for new permits under a process.
China is bringing a new licensing system
According to Reuters report, at a meeting between China’s Commerce Ministry and businessmen, officials outlined the paperwork they will have to submit after the system is implemented. China dominates rare earth and rare earth magnets, which are important for everything from electric vehicles to missile systems. China is the largest supplier of these minerals worldwide. This is the reason why China has made it its weapon during the trade tension with America.
China did not lift the ban on rare earth minerals
The talk of a new licensing system from China has come after the agreement between Trump and Jinping in South Korea. With this deal, China had announced that it would postpone the export restrictions imposed in October for one year. America is touting the new permit system as its success. The White House said on Saturday that China has agreed to implement a general license. Also this was described as removal of control over rare earth minerals.
According to the report, Chinese officials said that it may take several months to finalize the new licensing process. The new permits are expected to last for a full year and may allow exporters to ship larger quantities of goods. Further clarification on how the new process will work is expected before the end of the year. However, some Chinese rare earth minerals producers said they had not yet been informed about any changes.