China's commerce minister has accepted an "urgent" invitation to Brussels, the EU's trade chief Maros Sefcovic said on Tuesday, as the bloc looks to unpick Beijing's restrictions on rare earth mineral exports and defuse a row over Dutch-based chipmaker Nexperia.

China's exports of rare earth magnets fell in September, reigniting fears that the world's top supplier could wield its dominance over a component key for U.S. defence firms and makers of items from cars to smartphones as leverage in trade talks.

The European Union is working on trade options to counter China’s planned export controls on critical raw materials should the bloc fail to reach a diplomatic solution with Beijing.

Cleveland-Cliffs CEO Lourenco Goncalves announced plans to explore rare earth mineral production at sites in Michigan and Minnesota amid China's export controls.

The EU's top economic official said the European Commission was considering countermeasures in response to Chinese curbs on rare earth exports, according to an interview with Handelsblatt published on Wednesday.

China’s exports of rare earth products fell in September from a month earlier, as Beijing’s tighter controls on strategic minerals ripple through global supply chains and heighten tensions with Washington.

The Big Money Show’ panel discusses the impact of President Donald Trump’s tax cuts, tariffs, and trade policies and whether America’s economic engine is running out of steam.