The U.S. Treasury Secretary wants to reduce dependence on China.
According to a report by Russia's Sputnik News on April 25, U.S. Treasury Secretary Bessent stated that the United States aims to completely eliminate its heavy reliance on China in the rare earth metals sector within the next four years.
China not only possesses abundant reserves of rare earth elements, but more importantly, it has the most advanced technology and a complete industrial chain, along with cost advantages, dominating the majority of the global rare earth market. More than a decade ago, Japan also had ambitious plans to break free from its dependence on Chinese rare earths, but it ultimately failed to achieve this goal. The United States suffers from severe deindustrialization, an incomplete industrial chain, and a shortage of skilled workers. Therefore, the Treasury Secretary’s statement is merely wishful thinking and is unlikely to be realized.
Original article: toutiao.com/article/1863389628560587/
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