The European Union and Washington are nearing an agreement to coordinate the production and security of critical minerals, Bloomberg News reported on Friday (10 April).
Critical minerals - including lithium, nickel, cobalt and rare earth elements - are key components in clean energy technologies, electronics and military systems.
China currently controls a large share of global refining and processing capacity, raising concerns in the EU and U.S. over supply security and geopolitical leverage.
The potential deal would include incentives such as minimum price guarantees that could favour non-Chinese suppliers, the report said, citing an “action plan”.
The EU and U.S. would also cooperate on standards, investments and joint projects, along with increased coordination on any supply disruptions by countries such as China, the report added.
The European Commission declined to comment on the report. The office of the U.S. Trade Representative did not immediately respond to Reuters’ requests for comment.
EU Trade Commissioner Maroš Šefčovič said he had a “very positive” meeting in March with U.S. Trade Representative Jamieson Greer on the sidelines of a World Trade Organization ministerial meeting in Cameroon.
The two sides agreed to advance cooperation on critical minerals and also discussed tariffs.
The EU–U.S. deal would cover “critical minerals along the entire value chain and life-cycle management, including exploration, extraction, processing, refining, recycling and recovery,” Bloomberg reported, citing a non-binding memorandum of understanding.
The U.S. has been scrambling to secure access to critical mineral reserves, especially rare earth supply chains currently dominated by Chinese players.
Rare earths are widely used across strategic sectors, including energy systems, transport, artificial intelligence, aerospace, healthcare and defence technologies. Their importance has grown due to their role in enabling advanced technologies and the concentration of global supply chains.
Critical minerals are generally defined as resources essential to a country’s economic performance and national security, but which are vulnerable to supply disruptions.
While these materials are geographically widespread, production is uneven, with a small number of countries controlling a significant share of reserves and processing capacity.
Ukrainian President Volodymyr Zelenskyy has dismissed Commander-in-Chief Oleksandr Syrskyi, replacing him with General Mykhailo Drapatyi in one of the...
Southeast Asia remains the epicentre of scam centres running illegal online fraud schemes that target victims worldwide and generate billions of dolla...
Iran is increasingly relying on its northern ports for imports, with officials saying more than 30% of goods now enter the country via Russia and the ...
Britain will invest £50 million ($66 million) to expand domestic production of critical minerals, as part of efforts to reduce dependence on global supply chains and strengthen economic resilience, the government said on Monday.
Finance leaders from the Group of Seven (G7) have indicated they are prepared to step in if needed, to shield the global economy from the fallout of the war involving Iran, as concerns grow over rising energy prices and supply disruptions.
The U.S., EU and their allies are racing to secure supplies of rare earth elements - essential materials for electric vehicles, wind turbines and advanced technologies - as China maintains a dominant position in processing.
Australia and the European Union signed a trade deal on Tuesday that was eight years in the making, removing tariffs for almost all European goods and for nearly all exports of Australian critical minerals.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 20th July, covering the latest developments you need to know.
At least six people were killed and 21 others injured after two earthquakes struck Peru's central Junín region, destroying dozens of homes and triggering a major emergency response.
Kylian Mbappé has become the first player to win the FIFA World Cup Golden Boot on more than one occasion. The French forward won the award presented to the top goalscorer of the tournament for the second time, despite France being knocked out in the semi-finals.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 21st of July, covering the latest developments you need to know.
Overnight U.S. strikes caused blackouts in southwestern Iran and hit the northwestern city of Tabriz for the first time. Separately, a U.S. soldier died in northern Iraq during a controlled detonation of an unexploded Iranian drone.
Ukrainian President Volodymyr Zelenskyy has dismissed Commander-in-Chief Oleksandr Syrskyi, replacing him with General Mykhailo Drapatyi in one of the most significant military leadership changes since Russia's full-scale invasion of Ukraine.
Southeast Asia remains the epicentre of scam centres running illegal online fraud schemes that target victims worldwide and generate billions of dollars annually. The UN estimates scam losses across East Asia, Southeast Asia, Australia and New Zealand reached up to $114.1 billion in 2025.
Britain's new Prime Minister Andy Burnham has chaired his first Cabinet meeting, pledging to make the cost of living his government's central priority while signalling a broader effort to restore confidence in Britain's government and strengthen its international standing.
Iran is increasingly relying on its northern ports for imports, with officials saying more than 30% of goods now enter the country via Russia and the Caspian Sea rather than through the Indian Ocean.
Russian strikes hit multiple locations across Ukraine, setting a large hardware store ablaze in the northeastern city of Sumy and damaging a residential building in the country's east, as fighting between the two sides continued to intensify.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment