Controlling about 60% of global rare-earth production and nearly 90% of refining, China tightened its grip in April by imposing export controls on seven rare-earth elements and permanent magnets. "The whole world economy relies on these magnets from China,

Curbs on magnets used in electric vehicles and jet fighters are at the core of recent U.S.-China trade tensions.

China has approved a certain number of rare earth export licenses, signaling an easing of restrictions that previously impacted global supply chains, especially in the automotive and defense industries.