Gold prices hold sharp gains as soft US jobs data fuels Fed rate cut bets
Investing.com -- China’s foreign ministry issued a statement on Monday cautioning against bypassing international laws to authorize resource exploration in the seabed. This comes in response to reports of U.S. plans to build reserves of deep-sea metals, a move aimed at countering China’s leading role in the sector.
The Trump administration is reportedly working on an executive order that would allow the U.S. to stockpile deep-sea metals found in the Pacific Ocean. The move is seen as a response to China’s control over the supply chains for battery minerals and rare earths, according to a report from the Financial Times on Saturday.
The proposed stockpile would ensure a large quantity of these resources is readily available on U.S. territory for future use. The measure is seen as a safeguard in case of a conflict with China that could limit imports of these crucial metals and rare earths.
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