China outlined new curbs on exports of rare earths and related technologies on Thursday, extending controls over use of the elements critical for many high-tech and military products ahead of a meeting in about three weeks between President Donald Trump and Chinese leader Xi Jinping.
The regulations announced by the Ministry of Commerce require foreign companies to get special approval to export items that contain even small traces of rare earths elements sourced from China even if those products were made elsewhere by foreign companies. These critical minerals are needed in a broad range of products, from jet engines, radar systems and electric vehicles to consumer electronics including laptops and phones.
During a cabinet meeting Thursday, Trump said he had yet to be briefed on the new rules but suggested that the US. could stop buying Chinese goods. “We import from China massive amounts,” Trump said. “Maybe we’ll have to stop doing that.”
Mortgage rates tick back down
The average rate on a 30-year U.S. mortgage edged lower this week, returning to its lowest level in about a year.
The average long-term mortgage rate slipped to 6.3% from 6.34% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%.
The modest drop brings the average rate back to where it was two weeks ago, after a string of declines brought down home loan borrowing costs to their lowest level since early October 2024.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week. The average rate dropped to 5.53% from 5.55% last week. A year ago, it was 5.41%, Freddie Mac said.
Want more insights? Join Working Title - our career elevating newsletter and get the future of work delivered weekly.
