Marco Rubio introduces bill to combat China’s rare earth monopoly

By Megan HenneyPublished July 11, 2019CongressFOXBusiness

The risks from China trade tensions to US access to rare earths

Blue Line Corp. CEO Jon Blumenthal on the impact of U.S. trade tensions with China on the rare earth market.

Sen. Marco Rubio introduced legislation on Thursday intended to boost American competitiveness in processing critical rare-earth minerals after China signaled it could weaponize its dominance in the sector in the midst of the year-long trade war.

The Florida Republican’s plan, named the RE-Coop 21st Century Manufacturing Act, would establish a privately funded operated and managed cooperative tasked with the creation of a fully integrated domestic rare earth value chain, according to a news release from Rubio’s office.

The cooperative would be exempt from antitrust laws in an attempt to protect it from mass government-backed production in China, according to the Wall Street Journal. Although it would be privately funded, Secretary of Commerce Wilbur Ross would need to secure a charter for the business, the Journal reported.

Please follow and like us:
0

Hits: 30

Leave a Reply

Your email address will not be published. Required fields are marked *