Quote:On Friday, Treasury Secretary Scott Bessent went to Fox Business's Varney & Co., in part to tout a major American re-shoring success. The Secretary brought with him what he described as the first rare-earth magnet made in the United States in 25 years.

Watch:

Secretary Bessent said:

President Trump got into office on January 20th, and immediately issued an executive order on rare earths, and here we are, it's November, and I have this to take back to the Oval (Office) and President Trump. This is the first magnet made in the U.S. I believe in 25 years. In 25 years. So rare earth magnet problem we are on our way to solving the Chinese chokehold that they have. This fantastic facility that they have here in Sumter, South Carolina, they started it 18 months ago, and the state of South Carolina Governor McMaster has been fantastic. He said it took them eight weeks to get permits; they couldn't believe how fast it was. And this is President Trump's all-hands-on-deck for this national security emergency.

An article on Fox Business has more details:

"This is the first magnet made in the U.S. in 25 years — we’re ending China’s chokehold on our supply chain," Bessent said at EVAC’s new rare-earth magnet processing center in Sumter.

He explained that the materials are critical components in nearly every modern product — from smartphones and cars to wind turbines, fighter jets and missile systems.

"We’re finally becoming independent again, thanks to companies like EVAC," Bessent said.

We should also note that we are becoming independent again, thanks to the opening of mining efforts for rare earths and other mineral resources.

Here's the thing: The Trump administration can count on three more years. The president can count on a friendly (well, mostly) Congress for one more year. A lot of these projects will take more than that. The Trump administration has pushed the GO-button on a lot of mining and energy extraction projects, but no matter how fast the administration moves, there are practical realities that make these things take years in the setup and development.

This, though, this one development, this is good news, and a good start. Rare-earth magnets and other devices are used, as Secretary Bessent notes, in a huge variety of the tech we take for granted, like our phones, our laptops, our tablets, not to mention our cars and trucks, in components like catalytic converters. They are found in portable power tools as well as a host of other items around the typical American household.

These items aren't just used to enhance our lifestyles; they are also used in devices that extend our lives, like MRI scanners and a wide range of other medical devices and technology. In other words, these are materials and components we shouldn't be dependent on China to supply.

This is one more step towards the re-shoring of American industry, and it's a big one.

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Thats how its done. Cant be beholden to nations that seek to undermine our current position in the world or who seek to replace the dollar as the worlds reserve currency.

America must reduce our dependency on China and eliminate it entirely for critical items. If it means a reduced standard of living at worst case, then so be it.

(11-07-2025 02:19 PM)Tiger1983 Wrote:  America must reduce our dependency on China and eliminate it entirely for critical items. If it means a reduced standard of living at worst case, then so be it.

Its not like American consumers are really benefiting anymore from outsourced materials and cheaper foreign labor. The lower costs are largely just padding corporate profit margins. For instance---The pharma companies make their products cheaper than ever in India and China---but Americans pay the highest prices in world for these same medicines. There is no reason for a pair of Nikes made by Vietnamese kids getting paid 80 cents an hour to cost $100 or more. There is no reason cars filled with plastic engine parts built by the lowest cost producer in various parts of the world should cost an average of $55,000 while being less reliable and less durable than vehicles made two decades ago. For the most part, the consumer is no longer the primary beneficiary of outsourcing.

(11-07-2025 06:07 PM)Attackcoog Wrote:  

(11-07-2025 02:19 PM)Tiger1983 Wrote:  America must reduce our dependency on China and eliminate it entirely for critical items. If it means a reduced standard of living at worst case, then so be it.

Its not like American consumers are really benefiting anymore from outsourced materials and cheaper foreign labor. The lower costs are largely just padding corporate profit margins. For instance---The pharma companies make their products cheaper than ever in India and China---but Americans pay the highest prices in world for these same medicines. There is no reason for a pair of Nikes made by Vietnamese kids getting paid 80 cents an hour to cost $100 or more. There is no reason cars filled with plastic engine parts built by the lowest cost producer in various parts of the world should cost an average of $55,000 while being less reliable and less durable than vehicles made two decades ago. For the most part, the consumer is no longer the primary beneficiary of outsourcing.

which is why the law of diminishing and equilibrium are now in play...

Great! I need a magnet like that for my grandchildrens grammar school art. Thanks Mr. President.

Seriously, if it screws the Chinese than that's great news.