Companies in the European Union had to Halt Their Production Seven Times Last Month Due to a Shortage of Rare Earth Metals From China, Accordination to An Interest Group. China Has Become Stricter on the Export of Rare Earth Metals Since the Introduction of American Import Duties.
The European Union Chamber of Commerce in China (EUCCC) Expects That European Companies Will Suffer Much More From the Lack of Rare Earth Metals This Month. The eUCCC does not disclose which are factories are affected and on what scale.
China is by far the most important exhibit of the raw materials needed for, for example, wind turbines, electric cars and defense equipment.
Earlier This Week, The EUCCC Warned That Beijing is Slow to Grant these Permits. The Interest Group HAS Identified 140 European Companies That Have Submitted A Permit Application. China Has Now approved a Quarter of Thesis.
Since April, The Asian Country Has Required Companies to Apply for a License to Export Rare Earth Metals. That was Retaliation for American Import Dekens on Chinese Products.
Chinese President Xi Jinping and President of the European Commission Ursula von der Leyen Agreed in July to discuss this Export Restriction. But China’s New Rules Still Lead to Scarcity in Europe.