Bloomberg quotes the US Commerce Secretary Wilbur Ross from the latest US Commerce Department report when he said that the US will take steps to ensure it doesn’t get cut off from the supply of rare earth used in everything from the production of computer screens to missile systems and mobile phones.
Some of his important statements were:
“These critical minerals are often overlooked but modern life without them would be impossible.”
“Through the recommendations detailed in this report, the federal government will take unprecedented action to ensure that the United States will not be cut off from these vital materials.”
It was also mentioned in the report that if China or Russia were to stop exports to the United States and its allies for a prolonged period — similar to China’s rare earth embargo in 2010 — an extended supply disruption could cause significant shocks throughout the US and foreign critical mineral supply chains.
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