China spent decades tightening its vice grip on the industrial ecosystems crucial to an era of electrification, artificial intelligence, and advanced manufacturing. The allies of the West are scrambling to respond, but they face a challenge: building alternatives to China's rare earth dominance requires crossing what is known as the "Valley of Death," the gap between a promising opportunity and the billions of dollars in patient capital needed to build at scale.

USA Rare Earth CEO Barbara Humpton believes she has found a way across. Her company is reviving a model, one with significant historical precedent, that combines public financing, private capital, and the power of allied partnerships while leaving governance firmly in private hands. If successful, it could become a blueprint not only for rare earths, but for a broader effort to reduce dependence on China in industries critical to America's security.

The challenge boils down to a central question: Who will finance the end of China's rare earth monopoly?

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The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter.

Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/
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China mines, refines, and manufactures most of the world's rare earths, and the magnets inside electric vehicles, fighter jets, wind turbines, and AI data centers. That gives it enormous leverage. After a fragile U.S.-China truce, tensions have eased, but the deal expires in November, and Beijing is already squeezing Japan. Our guest, Dr. Gracelin Baskaran - a frequent witness before Congress - argues that by wielding its dominance so openly, China may have overplayed its hand, spooking the world into building alternatives to the products it dominates.

At this week's G7 summit, Western leaders pledged to cut reliance on any single supplier to 60% by 2030. Others say China's grip is as tight as ever, and the West's scramble is noise. For any business that relies on these materials, the stakes in the debate shapes pricing, supply security, and strategy for the next decade.

It all turns on one question: has China overplayed its hand in critical minerals?

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The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter.

Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/
Join the conversation on LinkedIn: / global-intelligence-desk

The Federal Open Market Committee, the rate-setting body at our central bank, recently convened with Kevin Warsh as the new Chairman. He takes the helm as U.S. inflation is running between 3-to-4% and Washington is running annual deficits just shy of $2 trillion. Abroad, the Fed has become something akin to the world’s lender of last resort, offering emergency dollar liquidity to foreign central banks. The demands, at home and abroad, raise questions about Fed independence, a principle promoted by both Warsh and his former colleague - and our guest on today - Thomas Hoenig, who has long argued that the Fed has drifted from a guardian of price stability into a provider of liquidity for both Washington and the global financial system.

We focus on the stakes in whether the ‘New Fed’ will find a way to resist the pressure of recent years to open the taps and instead, to establish more independence. For businesses, the outcome of this challenge will determine bond yields, the costs of capital and how much we all pay in interest. So we ask: What does the new Fed mean for business?

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The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter.

Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/
Join the conversation on LinkedIn: / global-intelligence-desk