Energy Insider: China’s Rare Earth Curbs Trigger U.S. Tariff Threats, Market Rout
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China’s rare earth curbs trigger U.S. tariff threats, market rout
China has upgraded its rare earth export controls to target the semiconductor sector, marking the first time it has restricted the materials based on end-use in a move that mirrors U.S. technology export rules. The move drew a sharp reaction from the U.S., with President Donald Trump on Oct. 10 threatening to impose 100% tariffs on Chinese goods from November and new export controls on key software products. The escalation triggered the worst single-day performance for U.S. stocks in six months, with the Dow Jones Industrial Average falling 1.9%, the S&P 500 down 2.7% and the Nasdaq Composite plunging 3.6%. U.S. WTI crude futures fell 5.3% to $58.24 a barrel. A U.S. think tank described the new controls as China’s most influential move against the U.S. defense sector to date.
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- China imposed rare earth export controls targeting semiconductors, prompting Trump to threaten 100% tariffs on Chinese goods; US stocks dropped sharply.
- Zijin Mining's subsidiary completed the acquisition of the Raygorodok gold mine in Kazakhstan, boosting gold reserves to 932 tons (9th globally).
- China’s C&I energy storage sector grew 194% in 2024, with projected 14.7% average annual growth through 2035, facing policy changes.
- Sany Heavy Industry Co. Ltd.
- Sany Heavy Industry Co. Ltd., also known as 三一重工业股份有限公司, is a company listed on the Shanghai Stock Exchange. It has successfully passed its listing hearing for an Initial Public Offering (IPO) on the Hong Kong Stock Exchange, as announced in an updated exchange filing on October 12.
- Zijin Mining Group Co. Ltd.
- Zijin Mining Group Co. Ltd., listed in Shanghai and Hong Kong, announced that its subsidiary, Zijin International Gold Co. Ltd., finalized the acquisition of the Raygorodok gold mine in Kazakhstan on October 10. This acquisition increases Zijin International Gold's gold mines to nine, raising its total gold reserves to 932 tons and placing it ninth globally among gold producers.
- Zijin International Gold Co. Ltd.
- Zijin International Gold Co. Ltd. is a subsidiary of Zijin Mining Group Co. Ltd. It recently completed the acquisition of the Raygorodok gold mine in Kazakhstan. This acquisition expands its portfolio to nine gold mines and increases its total gold reserves to 932 tons, positioning it as the ninth largest global gold producer.
- China Mineral Resources Group
- China Mineral Resources Group (CMRG), a state-owned entity, is currently engaged in a dispute with BHP Group Ltd. over iron ore contracts. CMRG has requested a halt to iron ore purchases from BHP in U.S. dollars due to a standstill in their annual long-term contract negotiations. The potential impact on domestic iron ore prices is expected to be limited in the current year.
- BHP Group Ltd.
- BHP Group Ltd. is in a disagreement with China Mineral Resources Group (CMRG). CMRG has requested to suspend iron ore purchases from BHP in U.S. dollars due to a stalemate in their annual long-term contract negotiations. The potential impact on domestic prices is expected to be limited this year.
- 2024：
- China’s C&I energy storage new installations grew 194% year-on-year to 2.3 gigawatts/5.8 gigawatt-hours.
- Oct. 10, 2025：
- President Donald Trump threatened to impose 100% tariffs on Chinese goods from November 2025 and introduce new export controls on key software products in response to China's upgraded rare earth export controls.
- Oct. 10, 2025：
- Zijin International Gold Co. Ltd. completed the acquisition of 100% of the Raygorodok gold mine in Kazakhstan.
- Oct. 11, 2025：
- BloombergNEF released a report stating that China’s C&I energy storage sector is facing policy headwinds as mandatory installation requirements are being phased out.
- Oct. 12, 2025：
- Sany Heavy Industry Co. Ltd. passed its listing hearing on the Hong Kong Stock Exchange for an IPO.
- Oct. 12, 2025：
- Zijin Mining Group Co. Ltd. announced the completion of its acquisition of the Raygorodok gold mine.
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