It will import precious metals from other sources. There probably won’t be a whole lot of change, but the prices might hike up for a bit, which could have a detrimental effect on some sectors of the economy.
I don’t believe that it’s truly a huge concern though. China will sell metal to whoever pays the most, if it happens to be domestic, then the same prices will be found elsewhere.
In some cases, such as rare-earth elements (used in electric car motors, wind turbines, flat-panel TVs, and dozens of other things we have every day), China is both the leading producer and has most of the reserves. This is not to say that other reserves will not be developed – they will be, at potentially high cost. But China desires to control the market for making such things, and is restricting export so that others (e.g., the USA) cannot manufacture things using Chinese resources. This is a potential serious problem for many high-tech manufacturers.
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