Yellen: The USA Plans to End Its Dependence on China for Rare Earths

United States Treasury Secretary Janet Yellen, who arrived at an official meeting in Seoul to strengthen Korea’s cooperation in the supply of rare earths, said:

“The USA wants to end its “unjustified dependence” on China for supplies, key solar panel commodities, rare earth metals and a number of other critical components. We fear that China may suddenly cut off supplies, as a number of other countries have already done.”

The finance minister, who flew to Seoul on July 18, is pushing for increased trade ties with South Korea and other friendly countries to improve security of supply and prevent any kind of manipulation by geopolitical rivals, according to Reuters.

“Stable sources of supply mean product diversity. Which, in turn, excludes any geopolitical manipulations by rivals and the preservation of the security of our country.

However, it is worth noting that China has listened to USA concerns on other issues and has taken a number of constructive steps to restructure the debt of low-income countries.” Yellen told the news agency.

“We have real concerns about China’s position and these activities are aimed at preventing any military escalation,” she added.

from materials agensy Reuters