I'm afraid, once more, it's something they are going to pat themselves on the back. "EU great US bad!" They might get a few more quids off Facebook, Google Amazon etc... But it won't change anything in the end.
A bit like the French pushing for food quality when a huge share of their agricultural production is tainted with high doses of Cadmium.
Renault EV's have their own variation of magnetless EV motors that they install on all their EV. So they need less (now very expensive) rare earth metals.