Updated Trends: China Has Denied That It Will Be Cutting Exports Of Rare Earth Material
China has denied that it will be cutting the exports of it’s rare earth materials to other countries and especially Japan, which it had announced earlier this year. On the other hand, Japan is hoping to make stronger ties with Vietnam, in the context of rare earth materials. Korea too, has moved towards US and Japan for better corporation in the rare earth trade.
Both the Asian countries, Japan and South Korea, are in a move to pull out its dependency from on China. It was noted that China had halted an export order of rare earth materials to Japan, due to the arrest of the Chinese fisherman in Japan.
If China keeps jolting such export orders, then there could be a strong trade deficit between countries, as they are already having issues with their currencies. But on the other hand, China has refused that it had denied the export of rare earth materials to Japan last month. China houses more than 90% of the world’s rare earth materials, and this is the only reason most of the countries rely on China.