China Dominance of Rare Earths Poses Biggest Threat for Transatlantic Allies – US Lawmaker
A rare earth magnet being inspected at MP Materials’ Independence facility in Fort Worth, Texas.
WASHINGTON (Sputnik) – The greatest danger for the Transatlantic Alliance today is China’s leadership in the field of rare earths, US Congressman and chairman of the House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party (CCP) John Moolenaar said on Monday. “The biggest threat the Transatlantic Alliance must face together is China’s dominance of rare earths, which is a loaded gun pointed at the global economy,” Moolenaar said during an online discussion held by the Atlantic Council. He added that there is an urgent need for the US and its allies to cooperate in order to build supply chains for critical minerals and rare earths, which would hinder the growth of mining and processing of these minerals in China. In late October, US President Donald Trump said that he had a “truly great” meeting with Chinese leader Xi Jinping, during which the latter agreed to “continue the flow of rare earth, critical minerals, magnets, etc., openly and freely.” Following the meeting, US Secretary of the Treasury Scott Bessent said that the sides agreed that Beijing would pause its restrictive measures on rare earth exports for one year in exchange for the US pausing its rule sanctioning entities controlled by China at 50% or more.
AnalysisNope, China Hasn’t Blinked: The Real Story Behind Its Rare Earth Control Suspension8 November, 17:26 GMT
