EU-China Trade Relations - EU is in close contact with China's Foreign Trade Minister regarding general licenses [1] - Initial reports suggest EU industry is receiving general licenses from China, but more granular information is needed for full evaluation [2] - China was receptive to EU arguments that the initial licensing process (set up in April) was too intrusive, requiring excessive information about supply chains [2] - A "hotline" has been established with Minister Wang Wentao for priority cases [3] Supply Chain Concerns & Mitigation - Worried CEOs of EU companies expressed concerns about the lack of permanent magnets and legacy chips [3] - The instability in global supply chains is a challenge [4] - European industry should prepare to pay a "security premium," stockpile, and diversify [4][5] - Dependencies are costly, and this is included in the new communication on economic security [5]