EU Trade Commissioner Proposes New Tool to Reduce Dependence on Chinese Chips and Rare Earth Materials

Maroš Šefčovič, EU trade commissioner, has suggested introducing a “diversification instrument” to lessen Europe’s reliance on single suppliers for critical chips and rare earths. This proposal, presented at the European Policy Center’s Brussels Economic Security Forum, would require companies in key sectors to secure supplies from at least three different sources to enhance economic security.