SARTELL (WJON News) — Niron Magnets is weighing in on the announced trade agreement between the United States and China, which includes discussions on rare earth export restrictions.
Niron Magnetics says, “while this is being marketed by the U.S. administration as a victory, statements from the Chinese administration are deliberately noncommittal.”
They say China does not seem to be suspending the April 4th restrictions. These will remain in place and could be catastrophic for the industry. Niron Magnetics says a potential year-long reprieve is not a solution.
Last month, Niron Magnetics broke ground on its first full-scale manufacturing facility in Sartell. The 1,500-ton facility will be one of the largest magnet production plants in the U.S. when it’s fully operational.
China has a near-monopoly on rare earth processing, giving it significant leverage in global trade. These materials are essential for modern technology, including electric vehicles, wind turbines, advanced semiconductors, and military defense systems.
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