cross-posted from: https://mander.xyz/post/43056920
The EU should activate a never-before-used trade tool to counter Chinese restrictions on exports of critical raw materials if a new plan unveiled on Wednesday fails, the EU’s industry commissioner Stéphane Séjourné said.
“If this doesn’t work, and in one or two years we find ourselves with value chains that close down from a lack of Chinese sourcing – because we’ve not diversified quickly and we’re still too dependent – we will probably have to use the anti-coercion instrument,” Séjourné said in an exclusive interview with Euractiv.
The European Commission’s “RESourceEU” strategy is a Japanese-inspired plan to weaken China’s vice-like grip on trade flows of materials crucial for the tech and defence industries, like gallium, lithium and cobalt.
The aim is to cut Europe’s overwhelming dependence on China – without making the Brussels-Beijing relationship even more tense than it already is.
“The idea is not to break dialogue with the Chinese, but we need to accelerate our diversification projects around the world,” the EU industrial strategy chief said.
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Yes, and the same with USA tech companies.