A Chinese official warned that products made from the country's rare earth materials should not be used against China's development. The comment, reported by CCTV, was taken as a veiled threat aimed at the U.S. and tech companies dependent on the materials
"You suggested that rare earths could become one of China's countermeasures against the U.S.'s unwarranted suppression...What can I tell you is that if anyone were to use products that are made with the rare earths that we export to curb the development of China, then the people of [south Jiangxi province where rare earths are mined] as well as all the rest of the Chinese people would be unhappy," said the Chinese official, in an interview.
Rare earth imports are a relatively small part of the $420 billion U.S. goods deficit with China, but their worth far outstrips their dollar value. The materials are critical in the creation of such things as iPhones, electric vehicles and advanced precision weapons.also reported Tuesday that China is "seriously considering" limiting rare earth exports to the United States. "Based on what I know, China is seriously considering restricting rare earth exports to the U.S.
"This is still not official. The U.S. only imported about 4,000 tons of rare earths, worth about $175 million. The problem is most of the rare earths we import are embedded already in the technology. If we buy a computer, they are already in it. That makes it harder for China to cut us off," said Marc Chandler, global market strategist at Bannockburn Global Forex.
Chandler said the official's comment was not an official threat from the Chinese government. "The reason the market latches on to this is they think China will retaliate, they just don't know how," said Chandler. "Once they think it through they will realize this will not be today or tomorrow. In order for China to do it comes at a big cost to them. It makes it too severe.
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