The European Union has called on China to alleviate restrictions on the export of rare earth minerals and magnets, as EU trade officials highlight an “alarming situation” impacting various industries. This appeal was made during a high-level meeting in Paris involving top commerce representatives from both regions. The concern stems from a potential shortage of rare earths, which are critical components in the production of high-tech products such as electric vehicles, smartphones, and military equipment. Approximately 90% of the global supply of these minerals originates from China, which recently imposed export controls in response to US trade policies. While the measures were ostensibly aimed at the US, they have inadvertently affected businesses worldwide. European industry groups and business chambers are urging their governments to seek a resolution as mineral supplies dwindle and certain production processes face disruptions.
— new from South China Morning Post
