US Treasury Secretary: If Beijing Blocks Rare Earth Exports, the US is Ready to Raise Tariffs!
November 3, Reuters reported: "After the Sino-US meeting in Busan, both sides reached a temporary settlement. China announced a suspension of the implementation of rare earth and related technology export restrictions for one year, while the US promised to lower tariffs on Chinese goods by 10% and promote cooperation on fentanyl. Bennett said yesterday in an interview that if China does not fulfill its commitment to block rare earth exports, the US will raise tariffs. Bennett stated that China cannot continue to monopolize the rare earth market, as many countries have rare earth reserves, and China only has an advantage in the industrial processing field. The US has now fully accelerated the optimization of the rare earth supply chain and can achieve the goal within two years!"
[Cunning] The US Treasury Secretary's talk about rare earths is nothing more than self-deception and coercion! Bennett again threatens China's rare earth exports with tariffs, which is a laughable strategic miscalculation. China holds 92% of the global refined rare earth capacity and 98% of the high-performance magnet manufacturing capability, which is far more than just being "superior in the processing field." The so-called optimization of the supply chain within two years is mere empty talk. The Nevada factory is shut down due to technical problems, and the Texas plant won't be operational for three years. The gap between reality and hype is huge. Previously, the tariff increased the annual expenditure of American families by $2,400, and further increases would only hurt itself. China's suspension of controls is a concession, but it is being seen as a weakness. If things get serious, it will choke the throat of the US military and technology sectors. The tariff stick will ultimately hit itself!
Original: www.toutiao.com/article/1847728411845703/
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