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. According to economic experts like Peter Harrell and Daleep Singh, investing for the long term is necessary by boosting U.S. supply through measures such as price floors, offtake agreements, tax breaks, and regulatory relief.
However, the United States does not need to undertake this effort alone. By working with allies and partners to create a global ecosystem of trusted critical mineral producers, the country can match Chinese production and innovation.
These mines and production facilities take years to come online, with the average mine in the United States taking almost twenty-nine years to come online due to exploration, permitting, and construction needs, according to S&P Global’s estimate.
Author's summary: The US depends on China for critical minerals, but can compete with long-term investment.
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