First it was oil. Then lithium. Now it is smelting. With an $8 billion defence-backed metal plant, the United States is no longer content with merely regulating global trade — it seeks control over the critical choke points that underpin the modern economy.
The US Department of Defense has acquired a 40 per cent stake in a JPMorgan-backed smelter project in Tennessee. Officials describe it as a strategic move designed to protect American interests. They argue it will reduce reliance on China and create middle-class jobs. On the surface, this rationale seems reasonable. But a closer look reveals a deeper shift in US policy.
