Green steel pactEU Commissioner Vestager said, meanwhile, that...

Green steel pact

EU Commissioner Vestager said, meanwhile, that the bloc viewed China as a systemic rival and an economic competitor.

She said the EU was working towards its “strategy for economic security” that included rules for research organisations “to do their due diligence to know who they are actually dealing with”, ensuring European countries “screen foreign direct investments” and implementing export controls according to each country’s competency.

The EU is already investigating China’s state support for EV makers such as BYD, Geely and SAIC, and European carmakers have repeatedly raised concerns about the “invasion” of cheaper Chinese EVs into the market — an issue Raimondo referred to as well.

Earlier in the conversation, Raimondo also spoke of “working on a global steel arrangement”.

“We need to prioritise our trading partners that have green steel, green aluminium, sustainable, you know, sources of energy,” she said.

If it comes into force, such an agreement will pose more trade challenges for China — the world’s largest steel exporter — considering most factories in the country are powered by coal.

https://www.asiafinancial.com/raimondo-says-chinese-evs-are-a-national-security-risk-for-us-eu