SHANGHAI: China is willing to accelerate the examination and approval of rare earth exports to European Union firms and will also deliver a verdict on its trade investigation of EU brandy imports by July 5,

Several European auto supplier plants and production lines have been shut down due to a shortage of rare earths caused by China imposing restrictions on exports, Europe's auto supplier association CLEPA said,

The auto industries in both the US and Europe could come to a standstill within weeks thanks to China’s ongoing restrictions on exports of rare earth minerals and magnets. Several European car part manufacturers have already halted production lines according to the European Association of Automotive Suppliers (CLEPA).