US President Donald Trump’s White House trade adviser predicted American industrial breakthroughs would help boost domestic production and eliminate China’s market dominance of rare earths.
“China has been flexing its muscles now in Europe, in India, in the United States saying, basically, we’re gonna do what we want, and if you try to stop us, we’re gonna take away your critical minerals,” Peter Navarro said in an interview on Bloomberg’s The Mishal Husain Show.
“Because they have, they think they have a monopoly on it, but that’s just a matter of time.”
American innovation would “quickly wipe away” China’s “weaponisation”, he continued.
China is the world’s dominant supplier of rare earths, and Beijing’s efforts to withhold supplies last year helped fuel a trade war with the US that saw both sides raise tariffs to astronomical levels.
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What are rare earths, and why is China’s dominance facing global pushback
What are rare earths, and why is China’s dominance facing global pushback
Trump and Chinese President Xi Jinping reached a trade truce last October, but Washington has continued to pursue policies intended to wean the nation off Chinese supplies of magnets used in a wide variety of consumer products, including autos and electronics.
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