"The US is stockpiling critical minerals and forming a trade bloc to control China's control of supply chains. More than three decades ago, Chinese leader Deng Xiaoping made a prediction: The Middle East has oil. China has rare earths. Today, China dominates the supply chains of the elements that power clean energy and the modern economy. Now, other nations are racing to catch up."
"Today, China dominates the supply chains of the elements that power clean energy and the modern economy. Now, other nations are racing to catch up. The United States is spending $12bn to stockpile critical minerals, similar to the Strategic Petroleum Reserve, which was created after the oil crisis of the 1970s. Washington is proposing a trading bloc with allies, pushing for collective pricing and trying to build supply chains that do not run through Beijing."
The United States is accumulating a strategic stockpile of critical minerals and pursuing coordinated trade measures with allied countries to limit China's leverage over global supply chains. China currently controls most rare-earth production and processing, which underpin clean-energy technologies and many modern devices. Washington plans to spend $12 billion to build mineral reserves, modeled on the Strategic Petroleum Reserve, and to propose a trading bloc that would enable joint pricing and alternative supply lines. The goal of these actions is to reduce reliance on Beijing-controlled routes, encourage allied cooperation, and accelerate domestic and partner-country mining, processing, and manufacturing capacity.
Read at www.aljazeera.com
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