A report issued by the “Bloomberg” agency stated that the European Union is currently developing a set of potential trade measures in response to China’s plans to impose restrictions on the export of rare minerals and strategic materials.
Informed sources stated that Brussels is preparing a list that includes countermeasures that can be activated if diplomatic efforts with Beijing fail. These proposals are scheduled to be submitted by the end of this month, with the aim of strengthening the European Union’s negotiating position. This issue is also expected to be raised for discussion during the European Union leaders’ summit to be held this week in Brussels.
This move comes after the Chinese Ministry of Commerce announced on October 9 new restrictions on the export of a group of vital goods, which will enter into force as of November 8. These goods include rare earth elements, lithium battery materials, industrial graphite used in anode manufacturing, as well as metal processing equipment and super-durable materials.
The European Union expresses its concern that these restrictions will disrupt industrial supply chains, especially in the technology and clean energy sectors.
source: 961 today
