European Commissioner for Trade Policy and Economic Security Maroš Šefčovič announced that the EU and the G7 countries will jointly respond to China's tightening controls on rare earth exports (REEs).
On October 9, the Chinese Ministry of Commerce published two documents to tighten controls on the export of rare earth metals and related technologies. On October 10, US President Donald Trump announced that the US would increase tariffs on Chinese products by 100%, effective November 1 or earlier, and would also impose controls on software exports. Total US tariffs on Chinese goods could reach 130%.
“These Chinese measures are considered unjustified and, of course, create many problems and complications for European companies and European industry. I have had an initial exchange of views with some of our G7 partners, including our American colleagues, and I know that this issue will also be discussed at the finance ministers' meeting and at the G7 summit on Wednesday,“ Šefčovič said upon arrival for the meeting of EU trade ministers in Horsens, Denmark. The broadcast was broadcast on EU media resources.
The European Commissioner added that he had spoken with US Commerce Secretary Howard Lutnick, during which they agreed that “it would be desirable to hold a G7 video conference in the near future after the initial discussion“.
Earlier, the Financial Times reported that the US “intends to require companies exporting software to China to obtain a license, which could have a serious impact on Chinese industry“ if Beijing and Washington fail to reach an agreement in this area.