Seoul: South Korea's industry ministry announced on Wednesday that it will monitor and respond to potential impacts arising from China's recent export restrictions on strategic minerals. This move is seen as a response to the United States' imposition of tariffs.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy convened with related ministries and local companies to assess the metal supply situation in South Korea. This meeting took place shortly after China disclosed its plan to implement at least a 10 percent tariff on American imports, a measure retaliating against U.S. tariffs.
Beijing has also initiated export controls on five critical Earth metals, which are essential for major industries, including the semiconductor and display sectors. The metals in question are tungsten, indium, bismuth, tellurium, and molybdenum.
The South Korean ministry reported that the country has a tungsten supply sufficient for approximately six months and molybdenum supplies that would last around three months. These materials are significantly reliant on imports from China, which accounted for 85 percent of tungsten imports and over 90 percent of molybdenum imports last year.
The ministry emphasized that the government and the private sector will work collaboratively to address potential economic impacts and supply disruptions caused by China's recent export restrictions.