U.S. Senator Ted Cruz introduced legislation on Tuesday to help revive the U.S. rare earths industry with tax breaks for mine developers and manufacturers who buy their products, the latest attempt by Washington to break China's control over the strategic sector.
- U.S. Senator Ted Cruz introduced legislation on Tuesday to help revive the U.S. rare earths industry with tax breaks for mine developers and manufacturers who buy their products, the latest attempt by Washington to break China’s control over the strategic sector.
China is the largest global processor of rare earths, a group of 17 minerals used to make electronics and military equipment. The country has threatened to stop exporting the specialized minerals to the United States amid the ongoing trade war, prompting efforts by Washington to help revive its domestic rare earths industry.
It would also let electronics manufacturers deduct 200 percent of the cost of U.S. rare earth products, including magnets, a measure designed to entice companies to buy fewer of the strategic minerals from China and more from the United States. Reuters reported last month that a Chinese company’s minority stake in the only U.S. rare earths mine has prompted concerns from scientists at the U.S. Department of Energy. The U.S. Department of Defense decided to fund the mine’s owner, MP Materials in April.Two days after the Reuters report, Cruz and five other senators sent a letter to the Pentagon pushing it to only fund U.S. rare earth projects.
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