Trump issues fresh rare earth mining executive order By

0
107

WASHINGTON () – U.S. President Donald Trump on Wednesday ordered his Cabinet secretaries to look into the country’s reliance on rare earths in his latest bid to end China’s dominance of the industry.

The move could lead to tariffs, quotas or other possible import restrictions, according to an executive order released on Wednesday.

Trump, a trade protectionist seeking re-election in the Nov. 3 election, has wielded similar threats in previous executive orders related to the minerals.

Rare earths are an obscure group of 17 minerals used to build a range of goods including weapons and consumer electronics. There is no known substitute for them.

While the United States used to be the leading producer of the minerals, China has used its heft in the industry to its advantage in the trade dispute between the two world leaders.

Last year, Trump told the U.S. Defense Department to find better ways to procure samarium cobalt rare earth permanent magnets, which are often found in precision-guided missiles, smart bombs and military jets.

Two Republican senators have introduced separate mineral-related legislation in the past year or so that have not passed so far.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.