China has been tightening its grip on sensitive exports since passing its Export Control Law in 2020, noted Han Ah-reum, a senior researcher at the Korea International Trade Association’s trade policy division.“In October last year, Beijing added more detailed rules and began drawing up lists specifically targeting defense-related firms after benchmarking Washington’s export control policy,” said Han.“As China is expanding its list of US companies that will face Beijing’s export bans on top of its retaliatory tariffs in response to Washington’s duties, major Korean conglomerates leading the country’s exports could take a bigger hit,” she warned.
According to sources in the Korean transformer industry on Tuesday, the country’s at least two transformer manufacturers have received official notices from China’s Ministry of Commerce, demanding they cease exports of any power equipment containing Chinese-origin heavy rare earth metals to US military contractors or the US military.
A Korean government official said that China’s commerce ministry has sent the same letter to other local companies in the battery, display, electric vehicle, aerospace and medical device sectors that solely rely on Chinese-origin rare earth metals imports.
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