The EU has responded to the US’ Inflation Reduction Act (IRA) with its own acts of industrial protectionism in the form of its Critical Raw Materials Act (CRMA) and the Net-Zero Industry Act (NZIA) as an extension of the EU’s Green Deal Industrial Plan. The CRMA sets out targets for the European Union for domestic raw material sourcing, processing, and recycling to reach by 2030. Raw material extraction within the bloc currently sits at just 3%, whereas targets for the extraction of the EU’s new list of strategic raw materials (SRM) have been set at 10% by 2030 with the caveat “to the extent that the Union’s reserves allow for this.” Processing capacity within the union is targeting 40% for…