Jamie Dimon, CEO of JPMorgan Chase Financial institution and some of the influential enterprise executives in america, has voiced his reservations over the Biden administration’s drive for electrical autos, claiming that it poses a menace to nationwide safety.
It’s potential that “China’s… and its financial may to dominate batteries, uncommon earths, semiconductors, or EVs,” as Dimon put it within the firm’s 2022 annual report launched on Monday, might threaten nationwide safety by disrupting entry to those merchandise and minerals. We should not permit one other nation to realize management over these strategic belongings.
China controls 85% of the world’s rare-earth parts.
65% of the world’s cobalt.
60% of the world’s lithium.
The Decrease Vitality Prices Act would cut back our dependence.
So why has Joe Biden promised to cease the invoice?
— Lance Gooden (@Lancegooden) April 5, 2023
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From Your Pockets to China’s
Whereas the U.S. authorities and residents alike see the pressing want to minimize reliance on China for electrical car batteries and semiconductors, in addition they acknowledge that the US remains to be a good distance from attaining this objective.
Throughout a latest look earlier than the Home, Inside Secretary Deb Haaland mentioned simply these sorts of issues.
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Republican Consultant Man Reschenthaler questioned her if she agreed that “electrical autos and renewables broaden our dependency on China, appropriate?” and she or he mentioned, “Positive, Wonderful.”
On Tuesday, the federal government appeared to take the subsequent step in its ongoing marketing campaign to finish fossil gasoline manufacturing in america. The White Home has introduced its intention to supply bonuses and tax advantages to coal communities in change for the event of inexperienced vitality tasks on energetic and defunct coal mine websites.
Reprinted with permission. View this story and extra on WayneDupree.com.
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