The writer is an investor at venture capital firm CIV. He was previously special assistant to President Joe Biden for economic policy
America’s China policy over the past decade has been defined by anxiety about Beijing’s dominance of critical minerals and their derivatives. Today China controls more than 90 per cent of key markets, including for materials such as graphite and gallium and industrial inputs such as rare-earth magnets.
While Beijing spent decades working towards this goal, US mis-steps were also crucial. Environmental rules, zoning policies and political pressure (in many cases justified) contributed to the migration of these industries offshore.
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