A small team within China’s Ministry of Commerce is now controlling the global auto supply chain through export permits for rare earth magnets, crucial components in electric vehicle motors. Since adding these magnets to an export control list in April, China has reviewed numerous applications from global automakers and tech firms. Despite increasing staffing levels, the process remains slow, impacting industries reliant on these materials. The U.S. has retaliated with its own export restrictions, escalating trade tensions. Chinese officials maintain that the controls are non-discriminatory, though they are seen as a response to U.S. chip restrictions. \n— new from Reuters