China Postpones Export Restrictions, Lifts US Soybean Import Ban

JAKARTA - China has suspended measures to control the export of strategic resources and materials for a year and lifted the ban on imports of soybeans and logs from the United States, the Global Times reported.

Citing China's Ministry of Trade (MOFCOM) on Friday (7/11), the media said that the government had lifted export control over super-hard material, rare earth metal-related equipment, raw materials and additional materials, medium and heavy rare earth metals, lithium batteries, and synthetic graphite anodes.

The decision also includes lifting restrictions on some foreign goods and rare earth metal technology.

This suspension will take effect from Friday and will end on November 10, 2026.

On October 9, China tightened restrictions on exports of rare earth metals, including limiting processing and manufacturing technology, and banning cooperation with foreign companies without government approval.

US President Donald Trump and Chinese President Xi Jinping at a meeting in South Korea on October 30 agreed to make a one-year trade and tariff agreement.

Following up on the meeting, MOFCOM later announced that restrictions on rare earth metal exports against the US would be suspended for one year.

Meanwhile, the Customs General Administration (GAC) has also lifted import restrictions on a number of agricultural and forestry products from the US, such as soybeans and logs.

"This step was taken after the evaluation of corrective actions taken by the US and in accordance with international laws, regulations, and standards related to plant quarantine measures," GAC said in a statement.

Starting November 10, export permits for three soybean companies from the US will be restored. US logs imports will also resume.

US Department of Agriculture data shows that US soybean exports to China in 2024 fell to 12.2 billion US dollars (Rp203.6 trillion) from 17.9 billion US dollars in 2022.