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US auto suppliers say immediate action needed on China rare earths restrictions
@Source: channelnewsasia.com
WASHINGTON: A group representing auto suppliers in the United States called on Wednesday (Jun 4) for immediate action to address China's restricted exports of rare earths, minerals and magnets, warning the issue could quickly disrupt auto parts production.
China, which controls over 90 per cent of global processing capacity for rare earths used in everything from automobiles and fighter jets to home appliances, imposed restrictions in early April requiring exporters to obtain licenses from Beijing. The tighter restrictions followed the opening of a trade war between the US and China after President Donald Trump imposed tariffs on Chinese imports.
In a statement to Reuters, MEMA, the Vehicle Suppliers Association said parts companies are facing "serious, real-time risks" to their supply chains.
"The situation remains unresolved and the level of concern remains very high," the group said. "Immediate and decisive action is needed to prevent widespread disruption and economic fallout across the vehicle supplier sector."
The White House did not immediately comment.
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