By Alexandria Sage<\/p>\n
The EU\u2019s Commissioner for Trade, on Friday, said China\u2019s one-year suspension of its restrictions on rare earth materials would also apply to the bloc, as well as the United States.<\/p>\n
\u201cMy understanding is that the agreement, which was found between the US and China in this matter, is \u2018erga omnes\u2019, so we should apply it to all and, of course, including the European Union,\u201d Maros Sefcovic told reporters during a visit to Rome.<\/p>\n
Following discussions with the United States, China on Thursday said it would suspend certain export restrictions announced in October, including on rare earth materials, for one year.<\/p>\n
The controls on rare earths \u2014 a major sticking point in trade negotiations between US President Donald Trump and China\u2019s President Xi Jinping this week \u2014 have rattled markets and snarled supply chains.<\/p>\n
Sefcovic, who met both with Italy\u2019s Agriculture Minister Francesco Lollobrigida and Foreign Minister Antonio Tajani, said the EU was now having \u201chigh-level official talks on export controls\u201d with China.<\/p>\n
\u201cI will speak again with my Chinese counterpart very, very soon,\u201d he added.<\/p>\n
EU Bloc Bidding<\/p>\n
China is the world\u2019s leading producer of the minerals used to make magnets that are crucial to the auto, electronics, and defense industries.<\/p>\n
Separate from the October restrictions, it has since April required licenses for certain exports, a system Sefcovic said was not working.<\/p>\n
\u201cWe have not had a very positive experience with the issuing of export licenses for the rare earths,\u201d he said.<\/p>\n
Only 50 percent of EU applications had been \u201cproperly processed\u201d so companies received the needed rare earth materials, he noted.<\/p>\n
\u201cIt has direct implications on the production capacities of the companies in the EU.\u201d<\/p>\n
After meeting Tajani at the foreign ministry, Sefcovic told reporters he envisioned a \u201ccommon purchase of critical raw materials\u201d by the EU.<\/p>\n
\u201cWe can do the bidding on behalf of the biggest trading bloc in the world, which is the European Union, and to get the critical raw materials for a better price,\u201d he said<\/p>\n
The stockpiles would be \u201cstored in Europe so we will not be under this permanent tension\u201d.<\/p>\n
Tajani proposed that Italy could host such a storage site.<\/p>\n
\u2018Dumping\u2019 Dispute<\/p>\n
Sefcovic also said the EU was backing Italy, which is facing punitive tariffs on pasta exports to the United States, by showing its US counterparts that their \u201csurprising\u201d accusation of dumping was unfounded.<\/p>\n
Last month, the U.S. Department of Commerce announced that it would impose provisional anti-dumping duties of over 91 percent on Italian pasta manufacturers, effective January. This would be applied in addition to the 15-percent tariff imposed on all EU imports.<\/p>\n
\u201cThis was a very surprising move from the United States towards the European Union, towards pasta producers,\u201d Sefcovic said.<\/p>\n
He said he believed the commerce department \u201cdidn\u2019t have proper or enough detailed information from some producers of pasta in Italy,\u201d so the EU, along with Italy and its pasta producers, was working to provide it.<\/p>\n","protected":false},"excerpt":{"rendered":"By Alexandria Sage The EU\u2019s Commissioner for Trade, on Friday, said China\u2019s one-year suspension of its restrictions on…\n","protected":false},"author":2,"featured_media":541047,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5174],"tags":[12345,174265,1395,10685,174266,174267,2000,89219,8812,299,5187,1699,3473,174268,2199,1216,38166,6648,1201,32311],"class_list":{"0":"post-541046","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eu","8":"tag-antonio-tajani","9":"tag-apec","10":"tag-china","11":"tag-critical-raw-materials","12":"tag-critical-resources","13":"tag-dumping-dispute","14":"tag-eu","15":"tag-eu-trade-policy","16":"tag-eu-china-relations","17":"tag-europe","18":"tag-european","19":"tag-european-union","20":"tag-export-controls","21":"tag-francesco-lollobrigida","22":"tag-italy","23":"tag-maros-sefcovic","24":"tag-rare-earths","25":"tag-supply-chains","26":"tag-trade","27":"tag-us-china-trade"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115471944503266529","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/541046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=541046"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/541046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/541047"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=541046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=541046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=541046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}