Waking up to see that China's countermeasures are ramping up again. Although this time it is not as direct as in April with tariffs, the scope of rare earth controls is expanding. Moreover, the language used by the Ministry of Commerce has upgraded from "lawful management" to "safeguarding national security and opposing the U.S. abuse of sanctions," which indicates that rare earths have shifted from an industrial policy to a diplomatic countermeasure tool.

And it's not just in the rare earth sector; this afternoon, the Ministry of Commerce announced the latest sanctions targeting Hanwha Ocean Co., Ltd. Although the company itself is a South Korean enterprise, the announcement emphasizes its related subsidiaries in the U.S. This means that while the target is a South Korean company, the real focus is on the U.S., which is very critical.

The announcement used phrases like "assisting and supporting the U.S. government's related investigative activities, endangering our sovereignty, security, and development interests," indicating that this countermeasure is not merely an economic sanction but views Hanwha as an agent "intervening in the U.S. sanctions system and assisting hostile actions." This effectively includes third-country enterprises that "cooperate with U.S. sanctions" within the scope of China's countermeasures, marking the first time the Anti-Foreign Sanctions Law has been extended to the maritime chain and overseas branch level.

From this moment on, China's countermeasure framework is no longer limited to technical export restrictions or equivalent tariffs but has entered the stage of ecological sanctions. Initially, it was thought that the information from Sunday and Monday would be all there was, and that China was not very hardline in its countermeasures. It gave the market a glimpse of the possibility of TACO, but now it seems that it is indeed not over, and we need to continue to pay attention to whether Trump will have other responses tonight.

This article is sponsored by #Bitget | @Bitget_zh

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