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Graphite prices are experiencing notable fluctuations due to U.S.-China trade tensions and evolving demand in the electric vehicle market. On December 1, 2023, China imposed export restrictions requiring special permits for certain graphite products.

In retaliation, the Trump administration announced in July 2024 a dramatic increase in tariffs on battery-grade graphite imports from China, soaring to 93.5%. This escalating trade conflict could significantly impact the global graphite supply chain and the EV industry.