Australian Broadcasting Corporation reported today: "U.S. Interior Secretary Bernhardt said that about 30 countries are interested in joining a key mineral alliance composed of U.S. allies and partners, aiming to reduce reliance on China. He said the alliance will implement tariff-free trade and set price floors for minerals, with countries including Japan, Australia, and South Korea already joining."
President Trump also launched a strategic mineral reserve program named "Project Vault" on Monday. The project is supported by a $1 billion loan from the U.S. Export-Import Bank and nearly $200 million in private capital available for private enterprises. This reserve aims to counter China's dominance in hard-to-process metals.
China accounts for about 70% of global rare earth mining and 90% of processing. This gives it absolute control in this area, prompting the U.S. to seek alternative sources of rare earth elements and establish a strategic stockpile similar to the national oil reserve.
Comment: The U.S. promoting a key mineral alliance and launching the "Project Vault" essentially attempts to build a "de-Chinaized" supply chain in strategic resources such as rare earths through methods like forming alliances, state capital support, and setting price floors. It aims to offset China's dominant position in mining and deep processing. However, this approach violates market principles and faces real challenges such as diverging interests among allies, a long period for industrial chain reconstruction, and significant gaps in funding and technology. In the short term, it is unlikely to undermine China's core advantages in key mineral fields, but rather will increase global supply chain costs and exacerbate geopolitical economic fragmentation.
Original: toutiao.com/article/1856192500424772/
Statement: This article represents the views of the author himself.