World News: 02:13 GMT Thursday 30th May 2019. [Yahoo Business News Feed via SPi World News]
In an escalation of the trade conflict between the two countries, state media on Wednesday implied China could restrict rare earth sales to the United States, stoking fears about Beijing's role as a supplier. Although, according to U.S. Geological Survey data, China contains only a third of the world's rare earth reserves, it accounts for 80% of U.S. imports of the group of 17 minerals used in military equipment and high-tech consumer electronics. Efforts to build rare earth processing plants in the United States are still in the early stages and lack unified support from Congress and the administration of U.S. President Donald Trump.
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