Ted Cruz Seeks to End U.S. Dependence on China for Rare Earth Metals – by Daniel Flatley (Bloomberg News – May 11, 2020)

https://www.bnnbloomberg.ca/

(Bloomberg) — Senator Ted Cruz said he plans to introduce legislation on Tuesday that aims to end U.S. reliance on China for rare earth elements used in the manufacturing of products including consumer electronics, electric vehicles and fighter planes.

The bill is part of a push in Congress to shift supply chains, particularly in industries critical for national defense, away from China and back toward the U.S.

“Much like the Chinese Communist Party has threatened to cut off the U.S. from life-saving medicines made in China, the Chinese Communist Party could also cut off our access to these materials, significantly threatening U.S. national security,” Cruz, a Texas Republican, said in a statement.

“The Ore Act will help ensure China never has that opportunity by establishing a rare earth elements and critical minerals supply chain in the U.S.”

The bill would create tax incentives for companies to buy rare earth elements within the U.S. It would also require the Defense Department to do so, and would provide money for pilot programs to expand the American rare earths industry.

For the rest of this article: https://www.bnnbloomberg.ca/ted-cruz-seeks-to-end-u-s-dependence-on-china-for-rare-earth-metals-1.1434916

Comments are closed.