EU to force companies to buy components from non-Chinese suppliers, FT reports

The European Union (EU) is drawing up plans to force companies in the bloc to buy critical components from at least three different suppliers in an attempt to reduce reliance on China, the Financial Times reported on May 18 . The new rules would affect businesses in a handful of key sectors like chemicals and industrial machinery, the report added, citing two EU officials familiar with the matter. Under the new legislation, companies would be limited to buying about 30 per cent to 40 per cent of components from a single supplier and would have to source the rest from…