EU firms brace for more shutdowns due to China rare earth controls despite summit promise

European firms are expecting more shutdowns and suffering losses as Beijing continues to hold a tight grip on rare earth exports despite a July agreement to fast-track shipments to the bloc, the European Union Chamber of Commerce in China said on Tuesday. "Irrespective of the agreements and commitments reached at the EU-China summit on the 24th of July, we continue to see significant bottlenecks for our members," Jens Eskelund, the chamber's president, told reporters. Automakers in Europe and elsewhere faced production delays and widespread shutdowns after Beijing introduced export controls on some rare earths and related magnets following tariffs announced by US President Donald Trump. China refines and processes the vast majority of rare earths, which are in demand from...