Rare earth boost: Beijing gives Indian firms import licences; MEA studying US-China pact

NEW DELHI: The ministry of external affairs on Thursday announced that some of the Indian companies have received licenses for importing rare earth magnets from China. During a weekly press briefing, MEA spokesperson Randhir Jaiswal said, "Some Indian companies have received licenses for importing rare earth magnets from China. We have to look at how the US and China talks will play into our domain." The statement from MEA came after the US and China held talks on Thursday and agreed to calm the trade war. Washington decided to cut some tariffs while Beijing committed to keeping supplies of critical rare earths flowing.Following the talks, Trump called this first meeting with Xi in six years a "great success." "I thought it was an amazing meeting," Trump said after the talks in Busan. He also praised Xi as a "tremendous leader of a very powerful country."