Core Viewpoint - The recent export ban by China on critical minerals such as antimony, gallium, and germanium to the U.S. is a response to U.S. tariffs and technology restrictions, highlighting the geopolitical significance of these resources in global trade dynamics [3][4][8]. Group 1: Export Ban and Its Implications - In December 2024, China announced a ban on the export of critical minerals to the U.S. as a countermeasure to U.S. tariffs and technology restrictions, which included a 54% tariff on China's semiconductor industry [4][8]. - The ban aimed to protect national interests by controlling the supply of essential resources, but U.S. companies quickly adapted by sourcing these minerals through third countries like Thailand and Mexico [5][8]. Group 2: Third-Party Involvement - U.S. companies utilized a transshipment model through Thailand and Mexico to bypass China's export ban, involving processes such as relabeling and repackaging to disguise the origin of the minerals [5][6]. - From December 2024 to April 2025, the U.S. imported 3,834 tons of antimony oxide from these countries, which was equivalent to the total imports over the previous three years [5][6]. Group 3: Market Dynamics and Future Outlook - The surge in exports from Thailand and Mexico indicates a significant shift in the global supply chain, with these countries rising to become major importers of Chinese critical minerals [5][9]. - The illegal transshipment of critical minerals exposes vulnerabilities in the global trade system, potentially leading to trade disputes and affecting market competition [9]. - As global demand for critical minerals increases, competition among nations will intensify, necessitating better cooperation and governance to address resource security challenges [9].