EU plans legislation for economic diversification

The European Commission intends to introduce a new law requiring EU companies to diversify their sources of supplies nearly entirely to reduce reliance on China, especially in the processing of critical minerals and imposing export restrictions on rare earths. This move comes after the trade deficit with China reached approximately one billion euros daily, highlighting the need to rebalance European trade relations amidst warnings of Beijing's displeasure and potential retaliatory responses. Additionally, there was an agreement on European unity in facing any retaliatory measures from foreign countries.

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