The European Union is facing the risk of a serious crisis in the supply of critical materials after China introduced new export restrictions on rare earth magnets and raw materials for their production. This was reported by Politico, according to UNN.
Details
It is noted that Beijing's decision, made in early October, intensified trade tensions with the United States and created a threat to European industry, which is almost entirely dependent on Chinese imports of such materials.
The crisis in the supply of critical raw materials is no longer a distant risk. It is already at our doorstep
She called for "swift and decisive action" to ensure stable supplies of strategic raw materials both within Europe and from reliable partners.
EU Trade Commissioner Maroš Šefčovič said that the EU is not interested in escalating tensions, but stressed the need for a quick resolution of the situation.
However, this situation casts a shadow over our relations. Therefore, a quick solution is extremely necessary
According to Šefčovič, China and the EU will "intensify contacts at all levels" to discuss the restrictions. Chinese Minister of Commerce Wang Wentao is expected to arrive in Brussels in the coming days for consultations.
"The European Union is also holding talks with the G7 countries on a coordinated response to the crisis ahead of the ministerial meeting to be held on October 30-31 in Canada," the post says.
Recall
China banned the export of technologies related to the extraction of rare earth metals, the production of magnets, and their processing without permission.