On Thursday, the European Union announced a provisional deal with China to lift restrictions on vital rare earth exports that the nation had imposed, which had alarmed the bloc and threatened to shut down entire industries.
Amid a trade dispute with the United States, the strict restrictions started in early April and had a significant impact on the world’s supply of seven rare earth elements and magnets required for the automotive, energy, and defense industries.
Following a one-day session in Beijing, European Commission President Ursula von der Leyen stated, “These export controls have placed significant strain on some European companies.” We need a safe and dependable supply of vital raw materials from China to maintain confidence in our trading partnership.
“It is new that we agreed to have an improved export supply mechanism,” she remarked. “In other words, if there are bottlenecks, this (system) can immediately check and solve the problem or the issue that is out there.”
Von der Leyen maintained, however, that much more work was required to effectively restore balance to EU-China trade relations, which saw a goods deficit of more than €300 billion last year. The number might rise in 2025 as a result of weak Chinese consumer demand and US President Donald Trump’s unreasonably high tariffs. She declared, “We have arrived at a definite turning moment.
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