On Wednesday, a former top Chinese official was quoted by state media as saying export controls on rare earth metals are "just the beginning."

Former vice-minister of commerce Wei Jianguo spoke with China Daily and said Beijing has plenty of tools for countermeasures if the Biden administration continues to ramp up technology restrictions. He said the decision to restrict the export of gallium and germanium would "cause panic in certain countries, but also exert heavy pain in them." 

Wei said: "This is just the beginning of China's countermeasures, and China's toolbox has many more types of measures available. If the high-tech restrictions on China become tougher in the future, China's countermeasures will also escalate."