China, the United States, and a Critical Chokepoint on Minerals
CFR President Michael Froman shares his take on the United States’ dependence on China for critical minerals—and how the country can begin to compete.
The two biggest impediments to the United States lessening its dependence on China are time and money. As many economic experts have noted, including the likes of Peter Harrell and Daleep Singh, we need to invest for the long term by boosting U.S. supply through price floors, offtake agreements, tax breaks, and regulatory relief.
we need to invest for the long term by boosting U.S. supply through price floors, offtake agreements, tax breaks, and regulatory relief.
But we don’t need to do this alone. Rather, we should work with our allies and partners to undertake similar efforts, in parallel, to create a scaled, global ecosystem of trusted critical mineral producers that can match Chinese production and innovation.
These mines and production facilities take years to come online. By S&P Global’s estimate, the average mine in the United States takes almost twenty-nine years to come online, due to time-consuming exploration, permitting, and construction needs.
Author summary: The US needs to reduce dependence on China for critical minerals.
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