US intends to rapidly reduce dependence on Chinese rare earth minerals amid supply chain crisis
The United States is launching an ambitious strategy to cut down its reliance on imported rare earth minerals from China, aiming to fully diversify supply chains within the next two years.
Treasury Secretary Scott Bessent emphasized in an interview with CNN that China spent 25-30 years developing a global plan to make the world dependent on its resources.
However, America is now accelerating efforts to achieve energy and technological independence.
He stated that the administration intends to act swiftly to remove the ‘sword’ hanging over the US and the global economy, and to foster collaboration with Western democracies, India, and other partners.
Bessent highlighted that the US does not seek to sever economic ties with China completely but aims to mitigate risks, which remains a top priority for the country’s current policy.