Bloomberg, July 1st report, U.S. Treasury Secretary Scott Bessen said that after the agreement between the two countries last month, the U.S. expects China to further ease export restrictions on rare earth magnets, as the current export volume has not yet recovered to the level before April 4th.
"We hope the flow of exports can accelerate," Bessen said in an interview with Fox News on Tuesday, when asked whether China had restored supplies of critical materials to the U.S. "Rare earths have resumed circulation, but the flow has not reached the level before April 4th," Bessen added, "We are confident that China will fulfill its commitments under the agreement."
The Ministry of Commerce emphasized that China's rare earth export policies are legal and compliant, aimed at maintaining the stability of the global supply chain, and is willing to strengthen dialogue with relevant countries to ensure smooth and compliant trade.
On June 27th, the spokesperson for the Ministry of Commerce commented on the situation regarding the U.S.-China London framework, stating that China will legally approve export applications for controlled items that meet the conditions. The U.S. will accordingly cancel a series of restrictive measures taken against China.
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