Steadily declining domestic production of rare minerals costs American jobs, undermines economic competitiveness, leaves the U.S. at a geopolitical disadvantage, and exposes a range of industries to the whims of the global critical minerals market. By supporting a domestic supply, this bill would help address this problem.
Fears about the risks associated with the U.S. economy’s reliance on imported minerals are overblown. It’s unlikely that China will cut off rare earth elements exports to the U.S. — and even if it does, the market will step in to fill the gap quickly enough to keep U.S. businesses supplied with the minerals they need.