Bloomberg) — The U.S. and Europe’s ambition to boost production of rare raw materials used in electric vehicles and wind turbines and reduce dependence on China will face obstacles, including higher costs and environmental concerns.
Two U.S. Congressmen this week introduced bipartisan legislation aimed at reducing dependence on China for rare earths, similar to what Senator Ted Cruz introduced in May.
The European Union stepped up a push to become less reliant on imported raw materials, with the European Commission vowing to create a raw-materials alliance by the end of the year due to their importance in growing industries.
Concern about the outsized influence of China gained more prominence as trade tensions increased between the U.S and China. Cost, access to the raw materials and environmental concerns may be the biggest stumbling blocks for creating an independent supply chain, according to analysts.
For the rest of this article: https://www.bnnbloomberg.ca/u-s-europe-face-hurdles-to-cut-china-reliance-for-rare-earths-1.1489753