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cover of episode Javier Blas on China's Rare Earths Dominance

Javier Blas on China's Rare Earths Dominance

2025/4/15
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Javier Blas
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Joe Weisenthal
通过播客和新闻工作，提供深入的经济分析和市场趋势解读。
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Joe Weisenthal: 我注意到关于中国限制稀土金属出口的新闻报道很多，但据我所知，这些限制并没有对全球经济造成实质性的影响。 Traci Allaway: 我也有同感，这些新闻标题经常出现，但实际影响似乎很小。 Javier Blas: 我从事大宗商品行业超过25年，一直以来都在关注这些新闻标题。我可以很肯定地说，这些标题被夸大了。美国去年仅进口了1.7亿美元的稀土金属，这与中美贸易总额相比微不足道。即使稀土金属价格上涨10倍，也不会对美国或全球经济产生重大影响。稀土金属虽然在某些特定领域很重要，但其价格上涨对全球经济的影响有限。事实上，稀土金属的常见用途之一是用于真空吸尘器。中国占据了全球大部分稀土金属的开采和加工，这主要是因为其加工过程污染严重，其他国家不愿承担。要发展其他国家的稀土金属产业，需要更高的价格来激励开采和加工。如果稀土金属价格上涨，真空吸尘器制造商会寻找替代方案。“关键矿物”的说法是一种营销策略，用于夸大其重要性。尽管某些矿物价格上涨，但这并不构成危机。虽然过度依赖单一国家供应稀土金属并非好事，但人们对此的恐慌情绪被夸大了。格陵兰的稀土金属储量有限，开采成本过高，难以形成规模化开采。美国应该提前囤积稀土金属，而不是等到供应紧张时才开始发展国内产业。一些日本公司已经开始囤积稀土金属，以应对潜在的供应短缺。美国可以通过政府干预和保护性关税来发展国内稀土金属产业。发展美国国内稀土金属产业需要政府保护和高价格。 Traci Allaway: Javier 的观点很有说服力，他指出了这些新闻报道中的夸大和误导。

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Chapters
This chapter delves into the common misconception surrounding China's rare earth dominance. It reveals that rare earths are not as rare as their name suggests and that the global trade volume is minuscule, with the US importing only $170 million worth annually. The chapter also highlights the common use of rare earths in everyday items like vacuum cleaners.
  • US imported only $170 million worth of rare earth metals in 2024
  • Rare earths are not as rare as their name suggests
  • Common use of rare earths in vacuum cleaners
  • China's processing of rare earth metals is very polluting

Shownotes Transcript

Every time there is tension between the US and China, there are stories about China threatening to withhold exports of rare earth metals, which are supposedly crucial for all kinds of advanced technologies. In this episode, recorded in Bloomberg's London studio, Bloomberg Opinion columnist Javier Blas helps us clear up some misconceptions about them. For one thing, rare earths aren't actually that rare. Furthermore, the amount of global trade of these minerals is fairly minuscule. The US only imports $170 million worth in a year. And then beyond that, the most common usage of them is in vacuum cleaners. Still, their economics are interesting and they do have some important applications. In addition, we talk about what the trade war means for the domestic US energy agenda, and the Trump administration's desire to expand total output.

Read more:Chinese Rare Earth Shipments Held Up as Trade War Upends Exports)Javier Blas: $50-a-Barrel Oil Is a Problem for US Trade Deficit)

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