Trump signed the executive order on his way to Minnesota to campaign. It is worth mentioning that Mingzhou is rich in iron ore reserves and has one of the largest iron ores in the United States. Trump in the election campaign that day, called on the states iron ore district people and miners to vote for his re-election.
Screenshot of the report
Key minerals have always been the focus of attention in the United States, where rare earth compounds and metals from China accounted for 80% of U.S. imports last year. According to the report, there are concerns that China may restrict the export of rare earth products in the face of increasing trade tensions between China and the United States.
Last year, the White House ordered the Department of defense to find better ways to promote the production of rare earth permanent magnets, which can be used in electric vehicles, wind turbines, and missile guidance systems. In early September, two U.S. congressmen proposed a new bipartisan bill to reduce their dependence on Chinas rare earth elements.
During the same period, the European Commission also expressed similar concerns and vowed to establish a raw materials alliance by the end of this year, aiming to enhance the EUs resilience in the supply chain of rare earth permanent magnet materials and reduce the external dependence of renewable energy industry and space industry.
However, it is not easy. Reuters reported that Chinas rare earth processing capacity is five times that of the rest of the world combined. If the United States is to reach the level of Chinas rare earth processing, it will take years to build rare earth processing plants. In addition, Chinas rare earth processing technology is high, low cost, other channels are difficult to compete.
Geng Shuang, then spokesman of the Chinese Ministry of foreign affairs, once said at a regular press conference last year that it would not be feasible to dominate or monopolize a certain field or market, or to artificially cut off or exclude a certain chain in the era of globalization.
Geng Shuang pointed out that China has always adhered to the principle of openness, coordination and sharing to promote the development of domestic rare earth industry. China is willing to use rare earth resources and products to meet the legitimate needs of the development of all countries in the world and play a positive role in promoting the development of Chinas economy and the world economy.