rare earth minerals, China
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Secretary of the Interior Doug Burgum said reviving the Colosseum project is pivotal to bolstering America's critical minerals supply chain.
That’s how one expert told CNN the auto industry is describing a possible shortage of rare-earth elements — minerals that are now center stage in the global trade war. Running low on those minerals could recall the pandemic-era chip shortage that jacked up car prices,
Rare-earth magnet supply shortages from China threaten U.S. auto production, putting key parts and plant operations at risk.
The auto industries in both the US and Europe could come to a standstill within weeks thanks to China’s ongoing restrictions on exports of rare earth minerals and magnets. Several European car part manufacturers have already halted production lines according to the European Association of Automotive Suppliers (CLEPA).
The rare earths crisis comes as Maruti is already grappling to recover market share lost to Tata Motors and Mahindra & Mahindra's feature-rich SUVs. These companies also lead India's EV sales. Maruti's share of India's passenger vehicle market is down to 41% from a recent peak of about 51% in March 2020.
The three top U.S. trade negotiators are seeking a handshake with China in London talks to seal the agreement on rare earths reached by Presidents Donald Trump and Xi Jinping, White House economic adviser Kevin Hassett said on Monday.