Industry Leaders Urge Trump and Xi to Ease Rare Earths Restrictions

Managing director of Viridis Mining and Minerals Rafael Moreno is calling for an end to China's dominance over the global rare earths supply chain. The push comes as U.S. President Donald Trump and Chinese President Xi Jinping prepare for a summit this Thursday, where industry leaders hope for a deal to extend the current suspension of Chinese export restrictions on raw materials essential for automobiles, wind turbines, and military jets.

China currently controls 80% to 90% of the world's raw materials and processed end products. This monopoly has created a trade deficit for the European Union totaling 1 billion euros per day. In response, the European Commission has prioritized diversifying supply chains. Viridis Mining and Minerals is working to supply the EU market by 2028 and has already opened a demonstration plant in Brazil in partnership with the French company Solvay.

Diplomatic efforts to prevent a trade war continue beyond the U.S.-China summit. EU Trade Commissioner Maroš Šefčovič is scheduled to meet with China's commerce minister in Beijing on October 8 to discuss trade stability.