The European Union plans to increase the supply of metals and minerals amid restrictions imposed by China on the export of rare earth magnets. UNN reports with reference to Reuters.
Details
On Wednesday, the European Union announced 13 new raw material projects outside the bloc.
We must reduce our dependence on all countries, especially a number of countries, such as China (...) Export bans reinforce our will to diversify
Context
The aim of the project is to increase the supply of metals and minerals needed to maintain competitiveness in the energy transition, as well as in the defence and aerospace industries.
Interestingly, the announcement followed China's April decision to impose restrictions on the export of rare earth magnets pending new licences. Reuters writes that this has forced companies from Europe, as well as EU and other countries' politicians, to step up efforts to secure meetings with Beijing officials to prevent factory and business closures.
Reference
China controls more than 90% of the world's processing capacity for magnets used in everything from vehicles and fighter jets to household appliances. It is also a major supplier of many key resources for renewable energy, especially rare earth minerals, batteries and solar panels, and Brussels is keen to change this situation.
Recall
Beijing has called on Washington to end discriminatory restrictions against China after Trump's statement that China violated the customs tariff agreement. China demands that the erroneous actions be corrected immediately.
China has expressed dissatisfaction with the US statement on the events in Tiananmen Square, calling it a distortion of historical facts and interference in internal affairs. The US honoured the memory of the victims.
Earlier, US President Donald Trump announced China's complete violation of the customs agreement, which has heightened tensions in bilateral trade between the countries.