US, EU Reach Critical Minerals Deal to Weaken China’s Grip

The US and European Union on Friday reached an agreement to coordinate on securing critical minerals and bolstering supply chains, in a move meant to reduce reliance on China for rare earths and permanent magnets.

The plan includes an agreement to collaborate on setting price floors, subsidies and other trade measures to boost a critical minerals market among the participating nations, according to a document issued by the US.

The Office of the US Trade Representative and the European Commission’s Directorate-General for Trade and Economic Security will implement the action plan, it said.

“We will explore how trade measures, such ...