Breaking Beijing's Grip: US Accelerates Critical Minerals Independence

A bipartisan group in the US is proposing a $2.5 billion agency to boost production of critical minerals, essential for technology products. Aimed at reducing reliance on China, the initiative is backed by recent US government equity investments in critical mineral companies and efforts to secure supplies through allies.

A bipartisan group of US lawmakers has introduced legislation for a new agency, set to inject $2.5 billion into the domestic production of critical minerals. These minerals are vital for high-tech products, and the move aims to cut the US's dependence on China, which dominates this strategic market sector.

President Trump's administration has already taken steps to counter China's market leverage, as evidenced by the Pentagon's recent investments of nearly $5 billion in critical minerals. Furthermore, the US government is considering state capitalism strategies, similar to those employed by China, to protect its national and economic security.

The proposed bill, backed by Senators Jeanne Shaheen and Todd Young, seeks to establish an independent body to stockpile critical minerals and foster a stable supply for the economy and military. This aligns with broader efforts to partner with allied nations to secure essential materials.

(With inputs from agencies.)