Rare earth minerals raise tensions between China and the European Union
The Commissioner responsible for industrial strategy confirmed in European Union Stefan Segorn said on Tuesday that EU countries must intensify their efforts to reduce their dependence on Chinafor rare earth metals, under Chinese export restrictions which he described as "blackmail"
China, the world’s largest producer of rare earth metals, announced in October the imposition of export controls on these elements, which are used in the manufacture of magnets essential for the automotive, electronics and defense industries.
This move sparked tensions in the markets and disrupted supply chains, before China suspended it for a year.
Sigourn is preparing a plan to end the 27-nation bloc’s dependence on China, which will be announced on March 3. December.
A victim of trade tensions
In a speech he delivered before the European Parliament on Tuesday, he indicated that export licenses "Issued in installments" Deliveries are delayed.
He added "These licenses are granted in exchange for information that, worryingly, often includes trade secrets. These requirements seem like extortion if we consider all the demands placed on our manufacturers to obtain licenses"
Sigorn told the deputies that the time has come for you "Europe is redoubling its efforts to reduce our dependence on China"
Chinese restrictions were a major point of contention in trade talks between Beijing and Washington, and Segorn said Europe was… "Collateral victim" Because of the trade tensions between them, even if they are "Directly targeted".
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