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Jamie Dimon, CEO of JPMorgan Chase Financial institution and one of the vital influential enterprise executives in the US, has voiced his reservations over the Biden administration’s drive for electrical automobiles, claiming that it poses a menace to nationwide safety.
It’s attainable that “China’s… and its financial may to dominate batteries, uncommon earths, semiconductors, or EVs,” as Dimon put it within the firm’s 2022 annual report launched on Monday, might threaten nationwide safety by disrupting entry to those merchandise and minerals. We should not permit one other nation to achieve management over these strategic belongings.
China controls 85% of the world’s rare-earth parts.
65% of the world’s cobalt.
60% of the world’s lithium.
The Decrease Power Prices Act would cut back our dependence.
So why has Joe Biden promised to cease the invoice?
— Lance Gooden (@Lancegooden) April 5, 2023
RELATED: ‘Zero Emissions’ From Electric Vehicles Is Totally Bogus. Here’s Why
From Your Pockets to China’s
Whereas the U.S. authorities and residents alike see the pressing want to reduce reliance on China for electrical car batteries and semiconductors, additionally they acknowledge that the US continues to be a great distance from attaining this purpose.
Throughout a latest look earlier than the Home, Inside Secretary Deb Haaland mentioned simply these sorts of issues.
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Republican Consultant Man Reschenthaler questioned her if she agreed that “electrical automobiles and renewables broaden our dependency on China, right?” and he or she stated, “Positive, Tremendous.”
On Tuesday, the federal government appeared to take the subsequent step in its ongoing marketing campaign to finish fossil gasoline manufacturing in the US. The White Home has introduced its intention to supply bonuses and tax advantages to coal communities in change for the event of inexperienced power tasks on lively and defunct coal mine websites.
Reprinted with permission. View this story and extra on WayneDupree.com.
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