Reported 1 day ago
A small team in China's Ministry of Commerce holds significant power over the global auto industry by controlling the export of rare earth magnets, essential for electric vehicle motors. These magnets were recently added to an export control list amidst trade tensions with the U.S., requiring automakers and tech companies to apply for export permits. Despite some permits being granted, the process remains slow and complicated, with many applications pending, showcasing China's near-monopoly on crucial resources and the geopolitical implications of these export controls.
Source: YAHOO