China announced Tuesday that it was banning the export of certain rare minerals to the U.S. that have military and technological applications. Why it matters: The move is seemingly a tit-for-tat response to the Biden administration's announcement Monday of a slate of export controls on chip manufacturing equipment and software as well as other curbs on the Chinese chip industry.

China has banned exports to the U.S. of items related to the minerals gallium, germanium and antimony that have potential military applications, its commerce ministry said on Tuesday, a day after Washington's latest crackdown on China's chip sector.

China is pushing back at new U.S. trade restrictions by banning the export of some rare minerals to the U.S. The country is prohibiting “the export of dual-use items such as gallium, germanium, antimony and superhard materials” to the U.