Business News

The US is looking to China for the world’s rarest magnet to pay for it

Biden officials are considering investigating whether the illegal magnet trade in China is at risk of a national security that could be taxed.

The White House says the commercial department is investigating whether it can detect neodymium magnets, which are used to make everything from cell phones to mobile phones. Electric car motors.

President Joe Biden is considering taking the law as part of a series of measures that the White House unveiled Tuesday through promoting the courage of the supply chain in the US in areas including land needs, food and medicine after the stress of over-reliance on China.

Leaders will decide whether to investigate how economic security affects the sale of neodymium magnets under Section 232 of the Trade Act in 1962, which was not in force until former President Donald Trump show the tax on the metal and aluminum vessels from the United States.

“In the case of neodymium energy, the taxes go straight to China, where they control their production,” said Martijn Rasser, a technical expert at the Center for New American Security in Washington. “If taxes are high enough, this could lead to the establishment of a US-based home company.”

Washington has been very concerned China rules in a world of need, 17 metal objects used in the manufacture of commercial equipment such as computer hard drives and military equipment such as radar, sonar and straight arrows.

The Financial Times reported in February that China was with a view to reducing exports of groundwater used in the manufacture of F-35 aircraft.

“We rely heavily on exports, especially from China, for rare neodymium generators. Section 232 is another tool we can use to help… Reduce our dependence,” said a United States official.

“We do not want to fight trade wars with our friends and allies,” he added.

When Biden ordered the illumination of the chain, he put it first directors, soil needs, chemicals and electric batteries.

Officials said regulators would use the Defense Production Act – a Korean war law in 1950 that allows the U.S. to force companies to prioritize state agreements to support international security – to bring in 50-100 complex imported drugs.

The power department is planning to roll out a 10-year plan to build lithium-powered machines, which are essential for electric vehicles, and will spend $ 17bn immediately on rental facilities to support the project. The Department of Agriculture will set aside $ 4bn to help strengthen and transform the U.S. chain.

Biden has also tried to hold a meeting with donors to strengthen the power partnership. He is also is expected to discuss the matter at the EU-US summit next week in Brussels following the G7 summit in Cornwall.

He said the organization would also create a “military force” led by Katherine Tai, a US trade representative, that would push for action against unfair trade countries that undermine the courage of U.S. chains.

Follow Demetri Sevastopulo on Twitter

Source link

Related Articles

Leave a Reply

Back to top button