China has approved a batch of rare earth export permits, the first since the Trump-Xi meeting in November, although details are still vague on where exactly they are going. At the same time, US soybean exports to China are reportedly moving again, with the first batch of cargo already en route and another six scheduled for this month.
These signs of movement are a cautious positive, in spite of continuing uncertainty and confrontation between the two sides. Rare earth exports controls were introduced in April, and soybean shipping from the US stopped in May.
The controls on rare earth exports came as a shock to much of the world, and there are growing efforts to create sources of rare earth magnets that are independent of China. Likewise, although it’s good news for American soybean farmers that Chinese purchases have resumed, the quantities are still significantly less than during the Biden era.