A bipartisan group of U. S. lawmakers has put forth a proposal to create a new agency with a budget of $2.5 billion aimed at boosting domestic production of rare earths and critical minerals. This move is in response to China's dominant position in supplying these vital materials.
• The proposed agency will focus on accelerating the U. S. production of critical minerals essential for high-tech products, electric vehicles, and advanced weaponry.
• The urgency for this legislation increased following China's export restrictions after U. S. tariffs.
• Senators Jeanne Shaheen and Todd Young introduced the bill to establish stockpiles, stabilize prices, and enhance production domestically and among allies.
• The U. S. defense sector has invested nearly $5 billion to secure access to critical minerals, underlining dependence on China, which processes over 90% of these resources.
• The proposal reflects a significant strategy shift, likening it to China's state-backed industrial policy, aiming to improve U. S. strategic autonomy.
• The administration is also pursuing international partnerships, particularly with Australia, to strengthen supply chains for these minerals.
This initiative signifies a concerted effort by U. S. lawmakers to reduce reliance on China for critical minerals, enhancing national security and economic resilience through increased domestic production and international cooperation.
https://www.zerohedge.com/markets/us-lawmakers-push-25b-plan-break-chinas-grip-critical-minerals
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