China's big snub to US, issues license for THIS thing to European countries, Trump left in..., it is...
New Delhi: China has started issuing export licenses for rare earth elements and magnets to European companies. This has been confirmed by the South China Morning Post, citing sources in the European Union. This is being described as a big setback for the USA, as President Donald Trump has been trying his best to get this license from China for the last several months. Apart from this, European governments and companies have been lobbying for several weeks to reduce export restrictions from China. China imposed these restrictions in response to US President Donald Trump's tariffs. Apart from the US, European countries were also included in the Chinese sanctions. What did the Chinese Commerce Ministry say?
Earlier on Thursday, June 26, China's Commerce Ministry said that it was 'expediting the approval of rare earth export licenses' for EU firms 'in accordance with the law.' Ministry spokesman He Yadong said, 'China is ready to further enhance communication with relevant countries on export controls, actively facilitating convenient and mutually beneficial trade.' EU sources have certainly said that there is no such thing as a green channel between China and the EU regarding this, but they have seen the Chinese ministry giving export licenses to EU countries and companies. What's next for China and European Union?
Next month, a summit of China and the European Union leaders is going to be held. President Xi Jinping, Foreign Minister Wang Yi and senior EU leaders are going to meet in this conference. In such a situation, China's resumption of this license process can lead to easing of tense relations between the two sides. The European Union believes that they are caught in the middle of the trade and technological war of the two superpowers. In such a situation, they need a permanent solution to stay away from these matters.
Speaking at a webinar on Thursday, the EU's trade chief for China, Eva Valle Lagares, used sharp words. She said it was 'unclear' whether Beijing had acted like 'killing chickens to scare away monkeys' and the EU had been caught in the crossfire. She was referring to the China-US trade war, which has Europe at its core and is suffering the most as it also faces tariffs from the Donald Trump administration.
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