On Monday U.S. Treasury Secretary Janet Yellen met with China’s ambassador amid the ongoing chip war between the U.S. and China as new restrictions on metal exports are being imposed by Beijing. Items related to gallium and germanium will be subject to export controls starting August 1 “to safeguard national security and interests.” According to China’s Ministry of Commerce, if exporters want to ship the two metals out of the country, they will need to apply for licenses and provide certificates, in addition to details of the end-users. The U.S. Treasury Department said Yellen’s discussion with Chinese Ambassador Xie Feng was “frank” and “productive” about bilateral relations and global challenges relating to financial issues.
