The G7 (Group of Seven) countries and the European Union are considering introducing minimum prices for rare earth metals to stimulate domestic production and reduce dependence on supplies from China, Reuters reports, citing sources.
According to sources, the US administration is discussing with its G7 and EU partners a package of trade measures aimed at preventing price dumping in the rare earth metals market. Potential steps under consideration include tariffs, minimum prices, and restrictions on foreign investment in strategically important materials to prevent production from shifting to China. These measures are planned to be supported by government subsidies similar to those already in place in the US.
According to industry analysts, China currently controls approximately 80% of global rare earth metal production. Furthermore, China remains the sole supplier of samarium, an element used exclusively in the defense industry.
Earlier, Vice President of the European Commission Stéphane Séjourné stated that by 2035, the EU intends to meet up to 65% of its needs for rare earth metals through domestic production, as well as to create strategic reserves of lithium, cobalt, and manganese for the needs of the automotive and military-industrial sectors.
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