Trump vows to reach a 'fantastic deal' with China
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The EU's top economic official said the European Commission was considering countermeasures in response to Chinese curbs on rare earth exports, according to an interview with Handelsblatt published on Wednesday.
The Trump administration is trying an array of unconventional measures to shore up U.S. rare earths supplies. It remains uncertain whether the strategy will work.
The European Union is working on trade options to counter China’s planned export controls on critical raw materials should the bloc fail to reach a diplomatic solution with Beijing.
China's exports of rare earth magnets fell in September, reigniting fears that the world's top supplier could wield its dominance over a component key for U.S. defence firms and makers of items from cars to smartphones as leverage in trade talks.
President Trump is racing to respond to a major escalation of the U.S.-China trade war, with the American supply of critical technology hanging in the balance. Trump administration officials
China's latest move has Washington and the world on edge, but experts believe it may have overextended its rare earth leverage.
Cleveland-Cliffs CEO Lourenco Goncalves announced plans to explore rare earth mineral production at sites in Michigan and Minnesota amid China's export controls.
The company's Exeter, N.H. facility is already producing rare earths at a rate of 200 tons per year, and could be boosted to an output of 1,000 tons.
President Donald Trump called China's rare earth export controls a 'bad moment' as both countries navigate tensions over critical defense materials, and potential tariff increases.
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