"Treasury secretary Scott Bessent told an event on Wednesday that China's dramatic new restrictions on rare earth minerals and magnets demonstrated the need for the US to be self-sufficient in critical materials or rely more on trusted allies. This should be a clear sign to our allies that we must work together, and work together we will. We are not going to let a group of bureaucrats in Beijing try to manage the global supply chains."
"He said earlier that more stakes were possible for sectors important to US national security, including in rare earths, semiconductors, pharmaceuticals and steel. In rare earths, the administration would also set price floors and strategic stockpiles. Under Donald Trump, the US has shifted from subsidies to direct stakes in companies including Intel Corp, minerals miner Trilogy Metals and rare earths miner MP Materials. We're not going to come in and take stakes in non-strategic industries, but we've identified seven industries to develop domestically, Bessent said."
China imposed new restrictions on rare earth minerals and magnet exports, prompting the US to view the move as a threat to global supply chains and national security. The US plans to increase direct stakes in strategic companies across sectors including rare earths, semiconductors, pharmaceuticals and steel, and seeks to build domestic capacity or rely on trusted allies. Policy measures will include price floors and strategic stockpiles for rare earths, careful selection of seven priority industries, and caution to avoid overreach while ensuring investments meet strategic goals. The administration has already shifted from subsidies to equity stakes in several firms.
Read at www.theguardian.com
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