US and EU Strike Deal to Reduce Reliance on Chinese Materials

The United States and the European Union have signed a Memorandum of Understanding on critical raw materials, which are essential to modern industry and defense.

The agreement was concluded in Washington by US Secretary of State Marco Rubio and EU Trade Commissioner Maros Sefcovic.

The partnership aims to strengthen access to critical metals and reduce dependence on China, which currently dominates global supply chains. Mechanisms to encourage mining and supply outside China, including minimum prices, are also reportedly under discussion. Washington is pressing allies to pay more for these materials to help stabilize the market.

(reuters, mja)