Edward Conard

Top Ten New York Times Bestselling Author

  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
Upside of Inequality Oxford Unintended Consequences

AI Summary. US defense contractors face a coming requirement to remove certain metals sourced from China and other adversary countries from their supply chains, which many contractors say isn't feasible, while some Pentagon officials target a "closed loop" of US and allied supply for some minerals by 2030.

Heather Somerville and Andrew Mollica Wall Street Journal
Date Posted:

CRU, a UK commodities-data provider, projects China will lose market share in many of the elements and minerals it has most tightly controlled by 2030, with the exception of cobalt.

Can defense contractors remove Chinese-sourced critical minerals from supply chains?

Core argument: U.S. defense contractors will be required by next year to eliminate certain metals sourced from adversary countries including China, a requirement many contractors say isn’t feasible despite the progress being made.

By next year, U.S. defense contractors will be required to eliminate from their supply chain certain metals sourced from adversary countries including China, a requirement that many contractors say isn’t feasible despite the progress being made. Some Pentagon officials say they are aiming for a “closed loop” of U.S. and allied supply chains for some minerals by 2030. In April, Deputy U.S. Trade Representative Rick Switzer said that with help from Japan and Europe, the U.S. has the capacity to develop an end-to-end critical-minerals supply chain free of China within six to 12 months, if the country were pressed to do so. Recent projections from CRU, a London-based commodities-data provider, show China losing market share by the end of the decade in many of the elements and minerals it had most tightly controlled.

Takeaways by Macro Roundup® AI

  1. U.S. defense contractors will be required by next year to eliminate certain metals sourced from adversary countries including China, a requirement many contractors say isn’t feasible despite the progress being made.
  2. Deputy U.S. Trade Representative Rick Switzer said in April that, with help from Japan and Europe, the U.S. has the capacity to develop an end-to-end critical-minerals supply chain free of China within six to 12 months if pressed to do so.
  3. Projections from CRU, a London-based commodities-data provider, show China losing market share by the end of the decade in many of the elements and minerals it had most tightly controlled, while some Pentagon officials aim for a “closed loop” of U.S. and allied supply chains for some minerals by 2030.

Related Articles:

  • China Restricts Trading With Some US Rare Earth Companies — China has added 10 American companies to its "entities list," restricting trading with firms central to US efforts to build a rare earth supply chain rivaling Beijing's, including USA Rare Earth, MP Materials, and motor manufacturer Aveox.
  • How to Fight an Economic War — China earned about $3.4bn from exporting rare-earth elements and magnets in a year, while the U.S. Geological Survey estimates a 30% disruption to U.S. supply of the rare-earth element neodymium alone would cut U.S. GDP by 2.2%, over $600bn. This asymmetry gives Chinese export controls their leverage.
  • How Japan Built a Rare-Earth Supply Chain Without China — Japan has reduced its reliance on Chinese rare earths, with industry estimates putting China's share of Japanese rare-earth imports at roughly 60% to 70%, down from 90% or more. Japan's alternative chain runs from an Australian open-pit mine through a separation plant in Malaysia to Japanese magnet makers supplying automakers.
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