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Rubio Calls for Rare-Earth Industrial Policy
By U.S. Senator Marco Rubio (R-FL)
March 8, 2021
Wall Street Journal
Today, the U.S. is largely dependent on China’s government-backed rare-earth manufacturing industry. Such a reliance poses serious national and economic security concerns.
I have long supported slashing overly burdensome regulations. But in this case, the holdup has far more to do with the expensive startup costs associated with rare-earth mineral refinement and metallurgy, as well as the fear that, once up and running, Beijing will undercut the market through massive subsidies…
Thankfully, solutions exist. My RE-Coop 21st Century Manufacturing Act would convene private-market actors to establish a rare-earth cooperative. This arrangement would focus the power of America’s free enterprise and defend our national security in the process.
When we talk about an international “free market,” we have to remember that the Chinese Communist Party is a player with ambitions to overtake America as the world’s strongest nation. Competing on such an unlevel playing field will require ingenuity in our policymaking to defend American firms and workers…
Read the rest here.