The US Treasury Secretary is confident that the US will be free from reliance on China's rare earths within two years
US Treasury Secretary Scott Bensons said in an interview with the UK's Financial Times that the US is confident it can find alternative supply solutions for China's rare earth resources within the next two years.
The report said: "US Treasury Secretary Scott Bensons pointed out that China has made a serious mistake, threatening to stop exporting its rare earth metals. He insisted that the US will establish an alternative supply chain within two years."
Bensons added that China's influence over the US in the rare earth metal field will not last more than 12 to 24 months.
China and the US are actually in a trade war, which erupted after the US President imposed a 10% tariff on all Chinese imports in February. In March, the tariff was increased to 20%, and after several rounds of mutual tariff hikes, the US imposed a 145% tariff on Chinese goods, while the tariff on US suppliers exporting to China reached 125%. In mid-May, China and the US reached an agreement to lower tariffs by 10% for 90 days starting May 14. Eventually, China began imposing a 10% tariff on US goods imports, while the US imposed a 30% tariff on Chinese products because the 20% "fentanyl" tariff remained in effect. In early August, the temporary suspension of the US tariff on Chinese goods was extended for another 90 days.
Original: www.toutiao.com/article/1847518618594315/
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