China’s rare-earth export curbs strain magnet makers despite geopolitical leverage
China’s export restrictions on rare earths have bolstered its geopolitical hand but triggered steep losses and production cuts for its magnet manufa...
Russian President Vladimir Putin's investment envoy Kirill Dmitriev met with U.S. officials in Washington on Wednesday as the Trump administration continues to press Russia and Ukraine to agree to a ceasefire, two U.S. officials familiar with the matter said.
Dmitriev, a Stanford-educated former Goldman Sachs investment banker, is one of the most U.S.-savvy members of Russia's elite, with close relations to some key members of the Trump team. He is the highest-ranking Russian official to travel to the U.S. on state business since Russia's 2022 expanded invasion of Ukraine.
It was not clear what Dmitriev discussed with the U.S. officials.
But his visit comes after President Donald Trump expressed his frustration with the pace of ceasefire talks, saying on Sunday he was "pissed off" with Putin and raising the possibility of imposing sanctions on those who buy Russian crude. Russia is the world's second largest exporter of crude after Saudi Arabia.
Steve Witkoff, a Trump envoy who has taken the lead on the Trump administration's contacts with the Kremlin, invited Dmitriev to the United States last week, said the U.S. officials. The White House directed the State Department to issue a short-term license for Dmitriev to travel to the country, a necessary step as Dmitriev faces U.S. sanctions, the officials said.
Dmitriev may be key in repairing relations that were, until Trump's January inauguration, the worst between Moscow and Washington since the most dangerous junctures of the Cold War.
The Russian envoy played a role in early contacts with the U.S. when Trump was first elected president in 2016, as well as in building relations with Saudi Arabia, which led to an oil price agreement under the expanded OPEC+ producers' forum.
On Wednesday, the Trump administration notably did not include Russia on an expansive list of countries that will face major new tariffs. Ukraine was slapped with a 10% levy, according to a fact sheet released by the White House.
Trump has expressed frustration with Ukrainian President Volodymyr Zelenskiy, who he said was trying to renegotiate a minerals deal.
Over recent weeks, Dmitriev has mentioned a host of initiatives in which Russia and the United States could work together, from investment, rare earths and energy to the Arctic, space and cooperation with Elon Musk.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
China has warned Myanmar's Kachin rebels it will block rare-earth imports from their territory unless they halt an offensive on a key junta stronghold, raising fears over the global supply of critical minerals.
China has consolidated its rare-earth sector into two state-owned giants, tightened export quotas, and introduced new supply-chain tracking systems as part of a sweeping push to reinforce its global dominance in critical mineral processing.
Beijing has warned the Trump administration against restoring steep U.S. tariffs next month and signalled it will retaliate against countries that cut China out of supply chains through bilateral deals with Washington.
China’s export restrictions on rare earths have bolstered its geopolitical hand but triggered steep losses and production cuts for its magnet manufacturers, already hit by weak domestic demand and shrinking overseas sales.
A planned 10% U.S. tariff targeting BRICS nations will be triggered only if they adopt policies deemed "anti-American", a source close to the Trump administration said, amid trade talks and denials from bloc members.
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