Ahead of high-stakes US–China trade talks likely later this month, fresh tensions have erupted after China significantly expanded its export controls on rare earths and other critical minerals on October 9. The US has threatened to raise duties on Chinese goods by 100 per cent, triggering a sharp decline in US stock markets on Friday.

Both Chinese and American posturing on trade assumes significance for India, which is in the midst of negotiations for a trade deal with the US. China’s curbs on rare earths also pose a threat to India’s automobile industry. While China is India’s largest import source, the US continues to be its largest export destination.

Threatening a steep hike in tariffs, US President Donald Trump said: “It has just been learned that China has taken an extraordinaril

See Full Page