The HC Commodities Podcast Tariffs, Metals and Force Majeure with Guy Winter
Apr 24, 2025
Guy Winter, a partner at Fasken and advisor for the Critical Minerals Association, dives into the intricate world of tariffs on metals and critical minerals. He discusses how U.S.-China relations shape these tariffs and impact contracts and mergers. Winter also highlights the challenges posed by export controls on rare earth elements and the ripple effects for Western manufacturers. With a keen legal perspective, he explores negotiating trade complexities in a volatile market and the need for adaptable supply chains amid geopolitical tensions.
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China’s Export Controls Cripple Supply
- China introduced a mandatory export licensing system for heavy rare earths, creating significant shipment delays.
- Western manufacturers face indefinite waits as license approvals are reportedly not being granted.
China Targets Europe With Controls
- China's export licensing applies equally to Europe and the US.
- China discourages European deals with the US that conflict with its interests, using export controls to pressure allies.
Supply Chain Disruptions Triggered
- There's huge physical inventory movement ahead of tariffs, especially gold, silver, copper, and PGMs.
- Chinese exporters have called force majeure, causing significant supply delays to Europe and the US.
