【By Guan察者网, Ruan Jiaqi】
After China legally and comprehensively upgraded its rare earth export measures, the US showed its true colors. US Treasury Secretary Bessenet was furious, accused China of "confronting the whole world," and claimed that this move would force the US and other countries to "decouple" from China.
Regarding the US's impotent rage, at the regular press conference held by the Chinese Foreign Ministry on October 16, spokesperson Lin Jian responded, "The relevant departments of China and we have repeatedly explained the position of China on the rare earth export control policy. The export control measures taken by China are in line with international practice, aiming to better maintain world peace and regional stability."
Bessenet also called on the US allies to take joint action against China. But "decoupling" from China? Australia was the first to disagree.
According to reports from Australian Broadcasting Corporation (ABC) and The Australian Financial Review on the 17th, during his visit to Washington, D.C., Australia's Treasurer Jim Chalmers stated that Australia may help address weaknesses in the global supply chain for critical minerals, but he clearly opposed the "decoupling" rhetoric proposed by the Trump administration this week.
Chalmers emphasized that it is very important for Australia to strike a balance between its largest trading partner, China, and its closest ally, the United States.
He added that Australia will continue to cooperate with trade partners based on its national interests, "For Australia, maximizing benefits comes from expanding trade, not setting up trade barriers."
Photo: Previously, Australia's Treasurer Chalmers met with US Treasury Secretary Bessenet and White House National Economic Council Director Hassett. Australian Broadcasting Corporation
When asked if he was worried about being forced to choose sides between two superpowers, Chalmers said he believed Washington was aware of Australia's efforts to stabilize economic relations with China.
"I also believe they understand that this economic relationship brings mutual benefits for both the US and Australia," he continued, "and it is also good for Australian workers, businesses, and investors."
Chalmers further said that in the context of "critical minerals bringing absolute golden opportunities for Australia," he believes Australia can walk the "tightrope" in these two important international relationships.
"We can cooperate simultaneously in both areas (with China and the US), which aligns with Australia's national economic interests," he said, "we already have substantial cooperation with the US, and there are more areas to expand in the future, and critical minerals are one of them."
According to The Australian Financial Review, Chalmers also revealed that in addition to meetings with US officials and World Bank and International Monetary Fund (IMF) officials, the next day he would go to New York to meet with asset management institution executives, promoting Australia as a global export destination.
"Currently, countries around the world have urgent needs, and Australia happens to have a lot of resources that they need. Whether it's critical minerals, or the skills of our own talent, or the resilience of our economy. Despite the complex and changing international environment and challenges, our advantages are quite prominent," he said.
Before meeting with White House National Economic Council Director Kevin Hassett, Chalmers revealed that he would discuss Australia's abundant critical mineral resources with the US side.
"Speaking of critical minerals, Australia can provide a lot to the world," he said, "we know that US companies urgently need critical minerals, and Australia is fully capable of meeting this demand. We will cooperate with partners to ensure that we can be a reliable supplier for the critical mineral needs of Australia, the US, and other global markets."
Chalmers also said that he "has no doubt" that Prime Minister Albanese of Australia would mention this issue when he held his first formal bilateral meeting with President Trump at the White House on October 20.
"Of course, we will not reveal the specific content of the Prime Minister's meeting with the US President next week in advance, but it is clear that the US has an interest in Australia's critical minerals," he added.
"In recent months, we have had multiple discussions with the US side. We will ensure that Australia fully grasps this absolute golden opportunity," he said.
Bloomberg reported that Chalmers' remarks were intended to emphasize that Australia has the capability to become a key component in the US's push for diversified rare earth supply chains and to reduce reliance on China.
The report noted that rare earths are crucial for various fields such as semiconductors and military technology, and Australia has the fourth-largest rare earth deposit in the world, along with a long mining history, which enhances its viability as a "feasible alternative" to China's rare earth supply.
Previously, Lynas Rare Earth, a company based in Perth, Australia, has started refining so-called "heavy rare earths" at its plant in Malaysia, which has become the only heavy rare earth production base outside of China.
The Australian newspaper quoted unnamed industry sources on the 17th, saying that the Trump administration is considering acquiring partial equity in Australian rare earth projects. The report stated that the equity investment could come from various US government agencies, including the Pentagon and the US Export-Import Bank. Last month, more than a dozen Australian mining companies met with multiple US government officials in Washington to discuss equity acquisition matters.
The Financial Times also reported on the 12th that "the Pentagon is seeking to purchase critical minerals worth up to $1 billion as part of its global reserve actions to counter China's dominant position in key (rare earth) metals for defense manufacturers."
On October 15, Chinese Foreign Ministry spokesperson Lin Jian hosted a regular press conference and once again responded to the rare earth control measures.
Lin Jian stated that the relevant departments of China have clarified their position on the rare earth export control policy. China lawfully implements export controls on relevant items, aiming to better maintain world peace and regional stability, fulfill international obligations such as non-proliferation, which is also in line with international practice. We are willing to strengthen dialogue and exchange on export control with all countries, and maintain the security and stability of the global supply chain.
China's position has always been clear and consistent. It is the US that wants to talk while threatening to impose high tariffs and new restrictions, which is not the right way to deal with China. We urge the US to quickly correct its wrong practices and resolve related issues through dialogue and consultation on the basis of equality, respect, and mutual benefit.
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