The EU executive will unveil next week measures to cut the bloc's over-reliance on China for critical raw materials as Europe seeks to keep up with fierce global competition from the U.S. and Asia. Despite years of warning signs that the old model of rules-based trade was coming to an end, accelerated by U.S. President Donald Trump's return to power, European governments have been asleep at the wheel, EU and industry officials said. "Europe has become more vulnerable, also due to our dependency on third countries for our security and the supply of critical raw materials," European Central Bank chief Christine Lagarde said last week, citing other challenges ranging from rising U.S. tariffs to stiffening competition from China.