刚拿下稀土大单，特朗普又要开第二枪，全球收到通告，中国被做局

Core Viewpoint - The recent US-Australia rare earth supply agreement, valued at billions, is seen as a strategic move by the Trump administration to reduce dependence on China, but faces significant challenges in execution and feasibility [1][5][15]. Group 1: Rare Earth Supply Agreement - The US and Australia have reached a rare earth supply agreement, with each country committing $1 billion over six months to enhance rare earth mining and processing [5][15]. - Australia ranks fourth globally in rare earth reserves, with Lynas Corporation being one of the few Western companies capable of producing heavy rare earths [6]. - However, the processing of rare earths requires transportation to Malaysia, where local opposition due to pollution has historically caused operational disruptions [8][10]. Group 2: Challenges in Supply Chain - The extraction of rare earths is not sufficient; the real challenge lies in the separation and purification process, which is complex and requires advanced technology [10][11]. - Over 80% of global separation and purification capacity is located in China, which has developed a comprehensive industrial system over decades [11][28]. - The US's only domestic rare earth mine, Mountain Pass, still relies on China for processing, highlighting the difficulty in establishing an independent supply chain [28][30]. Group 3: Strategic Moves in Tungsten Mining - Following the rare earth agreement, the Trump administration is considering unconventional methods, such as government loans, to help US companies bid for the Bakuta tungsten mine in Kazakhstan [3][21]. - The Bakuta mine is significant as it is projected to be the largest open-pit tungsten mine globally, with a planned processing capacity of 3.3 million tons of tungsten ore annually by 2025 [20][18]. - The US strategy involves applying pressure through tariffs while offering financial incentives to sway Kazakhstan's allegiance away from China [23][26]. Group 4: Limitations of US Strategy - Even if the US secures the Bakuta mine, it does not resolve the underlying dependency on China for processing tungsten, as China leads in the technology and cost efficiency required for refining [31][33]. - The Trump administration's approach of using financial incentives and pressure may backfire, as it risks alienating allies and does not address the core issue of industrial chain strength [33][35]. - The complexity of establishing a self-sufficient supply chain for rare earths and tungsten means that the US's ambitions may be overly optimistic, with significant time and investment required to achieve independence from China [15][37].