特朗普启动120亿美元“金库计划”，旨在摆脱对中国稀土的依赖

Core Points - The "Treasury Plan" launched by President Trump aims to reduce U.S. dependence on Chinese rare earths and strengthen the supply chain for critical minerals [1][3] - The plan involves collaboration with major industrial players like General Motors, Boeing, and Google to create emergency stockpiles of strategic minerals [3][4] - Funding for the plan includes $20 billion from private capital and up to $100 billion in loans from the Export-Import Bank of the United States [4] Funding and Strategy - The plan is part of a broader strategy to elevate critical minerals to a national security priority, including reforms in domestic mining permits and controversial deep-sea mining [4] - The U.S. government is promoting public-private partnerships, with significant investments in domestic rare earth producers like MP Materials and American Lithium [4][5] - The U.S. is also investing in allied countries, such as acquiring a 10% stake in Canadian Trilogy Metals [5] Geopolitical Context - The urgency of the plan is underscored by the fact that in 2024, the U.S. will rely 100% on imports for 12 critical minerals and over 50% for 29 others, raising concerns about national security [7] - Japan has responded positively to the plan, committing to invest $550 billion in U.S. supply chains, despite facing unfavorable terms [8][9] - Japan's strategic move is driven by concerns over China's impending export controls on dual-use items, which could impact Japan's security [10] Risks and Challenges - Japan's investment conditions have been criticized domestically as an "unequal treaty," raising concerns about the long-term viability of the partnership [9] - Japanese companies investing in U.S. rare earth projects may find themselves in a subordinate position, lacking control over key technologies and processes [13] - The U.S. is also shifting focus towards building new rare earth processing facilities in Australia, indicating a potential pivot away from Japan [13][14] Industry Dynamics - Western media has claimed that the U.S. and its allies are gaining control over rare earth processing, suggesting a decline in China's dominance [14][15] - However, the complexities of replicating China's established supply chain and production quality pose significant challenges for Western efforts [17] - China's comprehensive rare earth manufacturing system, built over decades, includes critical tacit knowledge that is difficult for others to replicate [17][18]