China's Metal Export Restrictions Shake Global Markets

China has announced new export restrictions on five crucial metals crucial to several industries, shortly after the U.S. imposed tariffs on Chinese goods. These metals play significant roles in defense and clean energy. The restrictions aim to protect China's national security interests, affecting global supply chains.

In a surprising move, China announced on Tuesday sweeping export restrictions on five key metals used in defense, clean energy, and various other industries. The announcement came just minutes after U.S. President Donald Trump imposed an additional 10% tariff on Chinese goods.

The Chinese Commerce Ministry stated that the export controls, which take immediate effect, include metals such as tungsten, tellurium, bismuth, indium, and molybdenum. These restrictions are described as necessary to 'safeguard national security interests.'

China is a significant player in the production and refinement of these metals, which have diverse applications, including solar panels and armor-piercing shells. According to data from the U.S. Geological Survey, the United States ceased tungsten mining in 2015 and hasn't produced refined bismuth since 1997.

(With inputs from agencies.)