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Europe

US and China extend trade truce as competition for minerals intensifies

A two-month extension to the US-China trade truce, confirmed by Treasury Secretary Scott Bessent, grants a temporary reprieve on rare earth export restrictions until January. While Washington and Beijing navigate these high-stakes negotiations in D.C., the scramble to secure critical supply chains remains the dominant driver of global economic policy.

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US and China extend trade truce as competition for minerals intensifies

Beyond the diplomatic overtures in Washington, the United States is actively maneuvering to bypass Chinese dominance in the materials market. On Wednesday, President Bola Tinubu joined U.S. officials in New York to finalize a critical minerals partnership with Nigeria. This deal centers on the Orion Critical Mineral Consortium, which operates with significant backing from the U.S. International Development Finance Corporation.

This aggressive push highlights the strategic weight of rare-earth elements and semiconductor chips in modern defense and technology sectors. While Washington pressures Beijing to dismantle export curbs, China remains committed to protecting its industrial lead. The resulting tension continues to force European observers into a precarious position, as the moratorium on export restrictions temporarily shields them from the fallout of this escalating resource war.

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