A bulldozer at a rare earth metals mine in Nancheng county, Jiangxi province, China. Photo: Reuters
Explainer: Why Beijing cut the tax rate on rare earths amid the escalating US-China trade war
- Industry observers say the move is meant to boost production, make it economically feasible to exploit low-grade deposits and maintain the country’s edge in the sector
- A lower tax rate of 20 per cent on miners of heavy rare earths takes effect from September 2020
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US-China trade war
A bulldozer at a rare earth metals mine in Nancheng county, Jiangxi province, China. Photo: Reuters