India is taking a major step towards securing important supplies for its manufacturing sector. 4 Indian corporations — Continental India, DE Diamond, Hitachi, and Jay Ushin — have change into the primary to obtain licenses to import China’s intently guarded uncommon earth magnets, in line with business sources.
These corporations, key suppliers to automakers like Maruti, had been granted import approvals below strict situations. The magnets can’t be re-exported to the US or used for protection functions.
China’s dominance in uncommon earths has lengthy been a strategic device in its commerce tensions with the US. The newest transfer comes amid renewed friction. This happens after Beijing tightened its export guidelines this month, requiring authorities approval and disclosure for any cargo containing even hint quantities of uncommon earths.
The event sparked a robust response from Washington. US President Donald Trump introduced a 100% tariff on Chinese language items beginning 1st November.
The Ministry of Exterior Affairs confirmed that some Indian companies have secured licenses. It stated India is assessing how the current US-China settlement on rare-earth commerce would possibly have an effect on its personal pursuits.
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