The EU is to unveil a €3bn (£2.63bn) strategy to reduce its dependency on China for critical raw materials amid a global scramble triggered by Beijing’s “weaponisation” of supplies of everything from chips to rare earths. The ReSourceEU programme will seek to de-risk and diversify the bloc’s supply chains for key commodities with a funding initiative to support 25-30 strategic projects in the sector. These projects cover rare earths – a group of 17 heavy metals that are actually abundant but difficult and costly to extract – as well as…
Tag: Critical minerals
Inside Trump’s scramble to reduce US dependence on Chinese rare-earth metals
Scott Bessent, the US treasury secretary, returned from South Carolina last week brandishing a small piece of metal, proclaiming that it was the first rare-earth magnet made in the US in a quarter of a century. It was, he indicated to Fox Business, proof that the US is ending “China’s chokehold on our supply chain”. Thanks to the South Carolina company eVAC’s new rare-earth mineral processing center, Bessent added: “We’re finally becoming independent again.” Breaking China’s processing and manufacturing dominance in these materials, essential for some semiconductors, batteries and armaments,…
The Guardian view on Trump and China: stepping back from the brink, but not solving problems | Editorial
The diverging verdicts offered by the Chinese and American leaders after their talks in South Korea on Thursday reflected more than the chasms between their personal styles and political cultures. Donald Trump gushed about an “amazing” meeting, scoring it 12 out of 10; Xi Jinping reportedly noted that a consensus had been reached, with the two sides needing to finalise follow-up steps rapidly. Mr Trump’s usual trade approach – shout loudly and wave a big stick – faltered when Beijing raised its own bludgeon. No tribute of gold crowns or…
Donald Trump and Xi Jinping hold meeting in South Korea amid hopes for trade deal – live updates
From 34m ago Trump and Xi shake hands Donald Trump and Xi Jinping have greeted each other and shaken hands. Trump said Xi was a “very tough negotiator and that’s not good”. In the comment to reporters in Busan before the meeting got under way, the US president also said: “We have a great relationship.” Asked if he planned to sign a trade deal, Trump said: “Could be.” The Chinese president didn’t make any comments. Share Updated at 22.16 EDT <gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"6902ca9e8f0860207cef1005","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" At the table for the talks…
Trump and Xi talks could end months of global economic chaos
High on agenda for the leaders of the US and China will be rare earths and tariffs, with a chance of a relationship reset Ahead of Thursday’s long-awaited first meeting between Donald Trump and Xi Jinping since the US president’s return to office, officials from both sides have been hammering out the contours of what a trade deal between Washington and Beijing might look like, an agreement that could bring an end to months of global economic chaos caused by the US-China trade war. The two leaders have not met…
The world dropped the ball on critical minerals and China pounced. Is it too late for Australia and the US to close the gap?
Almost eight years to the day after the last Holden rolled off an Adelaide factory assembly line, Anthony Albanese announced a $13bn deal with Donald Trump to help champion a domestic rare-earth industry. Announcing the deal this week in Washington, the prime minister called it “a really significant day” that would take the relationship between the two countries “to the next level”. “We’re just getting started,” Albanese said. The US president claimed “in about a year from now, we’ll have so much critical mineral and rare earths, that you won’t…
In the depths of the ocean, a new contest between the US and China emerges
Deep below the surface of the Pacific Ocean, the seafloor is dotted with clusters of brown and black rocks, each containing valuable metals. The rocks, known as polymetallic nodules, hold reserves of critical minerals that could be used to power clean energy and fuel a new industrial future. In the Cook Islands, a nation halfway between Hawaii and New Zealand, exploration vessels are mapping the mineral-rich seabeds. Here, the US and China are both exploring the resource potential – setting up a new strategic battle between the world’s two most…
Albanese’s critical minerals deal isn’t good economics – but in Trump and Xi’s new world, bargaining chips matter
Anthony Albanese has struck a multi-billion dollar deal with Donald Trump to develop critical minerals projects in Australia that will never be commercially viable. When it’s laid out like that, it very much sounds like our prime minister fell victim to the president’s “art of the deal”. But we are in a new world where the national value of our critical minerals extends beyond economics, experts say. “This is a really significant deal, and I’m surprised how good it is,” says Hayley Channer, the director of the economic security program…
Australia and the US have signed a critical minerals deal to take on China’s monopoly. Here’s what you need to know
1. Albanese named two ‘priority projects’ in Australia The Australian prime minister specifically referred to two “priority projects”, one by Alcoa and the other by Arufura Rare Earths, that will get an injection of capital from the government as part of a broader list. The first is a proposed gallium plant in Western Australia, to be co-located at one of Alcoa’s alumina refineries. Gallium is a strategic mineral vital for modern technologies like military equipment – including in advanced electronic warfare systems such as missile guidance technology and radar. The…