Shares of major Chinese tungsten producers rallied on Wednesday as markets reacted to Beijing's latest critical mineral export controls on the first day of trading after the week-long Lunar New Year holiday.

South Korea's industry ministry said Wednesday it will monitor and respond to any possible impact from China's export restrictions on strategic minerals in an apparent retaliatory measure against the United States' recent tariff imposition.

In a move that escalates the ongoing trade war, China has revealed stringent export restrictions on five metals crucial to multiple sectors including defense, clean energy, and various other industries,

Beijing has made its decision. After days of warning of counter measures and urging Washington to enter negotiations and "meet China halfway", it has decided to hit back – or at least threaten to retaliate with its own tariffs.

Trump’s 10% tariffs on China take effect, triggering retaliation Beijing imposes some counter levies, takes US to WTO Google, Tommy Hilfiger, Calvin Klein owner among China targets China tariffs come even as Trump delays duties on Canada,

China announced a wide range of measures on Tuesday targeting U.S. businesses including Google, farm equipment makers and the owner of fashion brand Calvin Klein, minutes after new U.S. tariffs on Chinese goods took effect.