EU Wants China to Fix Rare Earths Issue Before July Summit

The European Union wants China to resolve the export issue around rare earth magnets before a meeting of their leaders next month, according to the bloc’s top envoy to Beijing.

Europe is asking China to “understand the fear and concerns” felt by European companies due to China’s new controls on magnets, Ambassador Jorge Toledo told Chinese Foreign Minister Wang Yi. The shortage is affecting European businesses “very very badly,” he said on Wednesday in Beijing, adding that Europe expects China to “fix this thing even before the summit.”