How China is Tightening its Noose on Critical Minerals

The historic Inflation Reduction Act (IRA) of 2022 took bold steps towards promoting U.S. production of critical minerals, with a dual-pronged goal of supporting a rapid energy transition and lessening U.S. reliance on China and Russia, two countries the U.S. the Department of Energy has tagged “foreign entity of concern” (FEOC). According to the United States Geological Survey, China accounts for 70% of global rare earth mining and 90% of refined output. Unfortunately, decoupling from China’s sprawling renewable energy sector…