Reported 2 days ago
European auto parts suppliers are suspending production as China imposes strict export curbs on rare earth minerals, crucial for the automotive and tech industries. Automakers, including Mercedes-Benz and Ford, express concerns over supply shortages and are seeking ways to manage the impact. With China controlling approximately 90% of the global rare earth market, the situation has heightened calls for Europe to diversify its sources. EU officials are working to clarify the situation and lessen dependency on Chinese exports amid rising global trade tensions.
Source: YAHOO