The Trump administration’s reported plan to reallocate $2 billion from the CHIPS Act toward critical minerals marks a potentially decisive pivot in U.S. industrial strategy, blending semiconductor policy with mining and resource security. If enacted, it would represent a fundamental redefinition of the CHIPS and Science Act, which until now has focused on semiconductor research and manufacturing capacity.

By channeling some of that money into mining, refining, and recycling, the White House would be institutionalizing the idea that chip security cannot be divorced from raw material security. The move comes amid an escalating race with China, which controls more than 70% of global refining capacity for critical minerals such as gallium, germanium, and rare earths.

China’s industrial firms experienced a third consecutive year of declining profits in 2024, grappling with deflationary pressures and sluggish consumption and investment. Profits at large Chinese companies fell by 3.3% for the year, following a 2.3% decrease in 2023. However, a robust 11% surge in December, driven by stimulus measures, helped narrow…

Global financial markets were jolted on Tuesday as long-dated bond yields in Britain and France climbed to levels not seen in more than a decade, a reflection of mounting investor unease over the health of government finances across major economies. The turbulence was compounded by political uncertainty in Japan, fresh volatility in currencies, and record-breaking moves in precious metals.

The sharpest attention fell on Europe. Britain’s 30-year gilt yield surged nearly six basis points to 5.697%, its highest since 1998, while France’s 30-year bond yield rose to 4.513%, a peak not reached since 2009. Long-term yields are particularly sensitive indicators of investor confidence in fiscal sustainability, and the moves underscored growing skepticism that heavily indebted Western governments can maintain fiscal discipline.