12月16日，深圳法院一纸判决把一桩潜藏数月的"锑锭走私案"摆上了台面，96吨国家管控稀有金属锑锭 被成功截获，27人受到法律制裁。 巧的是，就在隔天，美国农业部突然发现他们一笔对华13万吨的白小麦出口订单被取消，中方这是在跟 特朗普算总账？ 走私案宣判，96吨稀金追回背后的国家底线 走私锑锭听起来没那么"高大上"，可实际上，锑早被列入中国"两用物项"出口管制清单，锑既能用在电 池、光伏材料等民用制造业，也有不小的军事潜力，从2024年8月起，中国对其出口就设下了更严格的 门槛。 而这起案件的主角王某等人，从今年2月开始就暗地里动手了，他们绕开申报程序、伪装货物、虚报出 口，整整走私了166吨锑锭，深圳海关查获96吨，算是"追回稀金"，这不是小打小闹，而是一条完整的 地下产业链。 法院判得也不轻，主犯12年有期徒刑，罚款上百万元，其他26人，也都按参与程度分了刑，这场判决背 后，不是一场普通的走私案，而是中国在稀有资源安全上的一道防线。 今天是锑，明天可能是镓、钨、稀土，这些金属的管控，不仅关系到国家安全，还有可能牵动全球供应 链的神经。 更值得注意的是，这次行动并不是"临时起义"，而是中国在梳理关键资源出口 ...

Core Insights - The geopolitical competition between the US and China is intensifying in Latin America, particularly in the lithium and rare earth sectors, as both countries seek to secure resources and establish supply chains [4][16]. Group 1: US Strategic Moves - The US International Development Finance Corporation (DFC) plans to invest $5 billion in lithium and rare earth projects in Argentina and Brazil over the next three years [4]. - The US aims to build a "non-China processing chain" by controlling Latin American resources to diminish China's dominance in critical mineral supply chains [4][16]. Group 2: China's Investments - China has been actively involved in Latin America, participating in 37 port projects by 2025, creating a logistics network that connects the Pacific and Atlantic [6]. - Chinese companies are investing in lithium processing facilities in Bolivia, reflecting a broader trend of resource nationalism in the region [9]. Group 3: Resource Nationalism - Bolivia, Argentina, and Chile have introduced regulations requiring foreign companies to build processing plants locally and transfer technology, impacting foreign investments [9]. - Brazil has implemented a 50% export tax on unprocessed rare earth minerals, complicating operations for US companies while benefiting Chinese firms [11]. Group 4: Political Landscape - The political climate in Latin America is shifting, with elections influencing resource policies. In Chile, leftist candidate Janette Jara's proposal for a state lithium company caused market fluctuations [12][14]. - The outcome of Bolivia's elections could determine the future of lithium mining, with potential openings for US companies if right-wing candidates win [14]. Group 5: Technological Innovations - The Direct Lithium Extraction (DLE) technology developed by SQM and EnergyX has significantly improved lithium recovery rates and reduced production time, reshaping the global lithium supply landscape [16]. - AI exploration techniques are being employed in Brazil to lower exploration costs, indicating a technological race in the rare earth sector [14]. Group 6: Argentina's Balancing Act - Argentina is leveraging its position by signing a key minerals cooperation memorandum with the US while maintaining a currency swap agreement with China, attracting a 23% increase in foreign investment in the first half of 2025 [17]. - The introduction of the SUPER platform in Chile has streamlined mining permit processes, balancing efficiency with national interests [17].

Core Points - The announcement of a "milestone" trade agreement between the U.S. and Indonesia has sparked international debate regarding its implications for Indonesia's economy and its potential as an unequal treaty [1] - The agreement includes significant commitments from Indonesia to purchase U.S. goods valued at $19 billion, with some reports suggesting up to $40 billion, while imposing a 19% tariff on Indonesian exports to the U.S. [1][3] - The inclusion of a "double tariff" clause targets China by imposing additional tariffs on Indonesian goods containing foreign materials, aiming to sever supply chain ties with China [1][3] Trade Agreement Details - The agreement stipulates that Indonesia will buy U.S. products, including agricultural and energy goods, and 50 Boeing aircraft [1] - Indonesia is required to pay a 19% tariff on its exports to the U.S., while U.S. exports to Indonesia will be exempt from tariffs [1] - The "double tariff" clause is seen as a strategic move to isolate China from Southeast Asian supply chains [1][3] Strategic Implications - The agreement's strategic significance lies in its provisions for cooperation in key minerals, particularly nickel and copper, which are crucial for U.S. supply chains [3][4] - Indonesia's cooperation in rare earth elements is viewed as a shift in alignment amid U.S.-China resource competition, potentially undermining China's dominance in critical resource sectors [4][6] - The U.S. aims to weaken China's influence in resource markets while addressing its own supply chain vulnerabilities [6] Regional Context - Indonesia is not the only Southeast Asian nation targeted by the U.S.; Vietnam has also been approached for trade agreements, reflecting a broader strategy to engage the region [7] - The precarious position of Southeast Asian countries is highlighted, as they navigate the pressures of U.S. trade policies while maintaining relationships with China [7] - Indonesia's recent pivot towards the U.S. raises concerns about the future of its investments and diplomatic relations with China, particularly in light of significant Chinese investments in Indonesia [7] Global Reactions - China is responding to U.S. resource strategies by emphasizing dialogue and leveraging its full supply chain advantages in rare earth elements [9] - The U.S. trade protectionism is seen as a manifestation of economic anxiety, prompting potential counteractions from allies like the EU and Japan [9] - The ongoing competition over rare earths and supply chains indicates that the geopolitical landscape in the Asia-Pacific region is evolving, with significant implications for future economic dynamics [9]

Group 1: Company Overview - Almonty Industries Inc successfully listed on NASDAQ, raising approximately $90 million to enhance its supply capabilities for the U.S. defense market [1] - The company has significant assets, including the Sangdong tungsten mine in South Korea and a large mine in Portugal, with a market capitalization of about CAD 1.5 billion (approximately $1.1 billion) [2] - Almonty plans to use the raised funds for critical purposes, including the construction of tungsten oxide infrastructure [1][2] Group 2: Industry Context - Tungsten is becoming increasingly important in the context of U.S.-China resource competition, transitioning from a "minor metal" to a strategic asset due to its unique physical properties [3] - The U.S. government has announced a ban on military procurement of tungsten produced or refined in China, Russia, and North Korea starting in 2027, highlighting the need for alternative sources [3][4] - Tungsten's critical role in high-energy weapons and advanced manufacturing tools makes it irreplaceable, with its supply chain heavily concentrated in China, prompting the U.S. to diversify its sources [4]