WASHINGTON (REUTERS) - US Senator Ted Cruz introduced legislation on Tuesday (May 12) to help revive the US rare earths industry with tax breaks for mine developers and manufacturers who buy their products, the latest attempt by Washington to break China's control over the strategic sector.. Read more at straitstimes.com.
WASHINGTON - US Senator Ted Cruz introduced legislation on Tuesday to help revive the US rare earths industry with tax breaks for mine developers and manufacturers who buy their products, the latest attempt by Washington to break China's control over the strategic sector.
Mr Cruz's legislation, if approved, would let mining companies deduct from their tax bill the costs of building rare earths mines, processing facilities and equipment purchases. "I believe China is the most significant geopolitical threat to the United States for the next century," Mr Cruz, a Texas Republican, said in a statement.Similar Bills from other senators have yet to pass, though elements from them all could eventually be folded into broader US military funding legislation, congressional staffers have said.
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