Commodities
US, EU Reach Critical Minerals Deal to Weaken China’s Grip
An employee walks through the processing facility at a rare earths mine in Mountain Pass, California.
Photographer: Joe Buglewicz/BloombergThe US and European Union on Friday reached an agreement to coordinate on securing critical minerals and bolstering supply chains, in a move meant to reduce reliance on China for rare earths and permanent magnets.
The plan includes an agreement to collaborate on setting price floors, subsidies and other trade measures to boost a critical minerals market among the participating nations, according to a document issued by the US.