U.S. Treasury Secretary Janet Yellen visited Chile and toured the Albemarle lithium production site, expressing optimism about the expanding demand for lithium.

She emphasized the pivotal role of lithium in powering electric vehicles and clean energy solutions, foreseeing a substantial increase in U.S. imports from Chile in the coming years.

Yellen’s visit aimed to strengthen U.S.-Chilean ties, focusing on enhancing energy security and advancing climate objectives. She highlighted the potential for global investments in clean energy, estimating opportunities worth $3 trillion by 2050.

Yellen emphasized the importance of reducing reliance on strategic goods from China and expanding domestic production of critical minerals like lithium.

Chile, as the world’s largest copper producer and second-largest lithium producer, holds strategic significance in the green transition. Yellen praised Chile’s environmental sensitivity and strong climate agenda, promoting increased collaboration between the two countries.

She highlighted Chile’s role in supplying critical minerals, essential for technologies such as electric vehicles and energy storage systems.

The visit underscored the U.S. commitment to diversifying supply chains through partnerships with key allies like Chile. Yellen emphasized the complementary nature of U.S.-Chilean trade relations, aiming to boost industries in both countries while respecting Chile’s trade ties with China.

Yellen acknowledged Chile’s efforts to develop a national lithium strategy, aiming to prevent dominance by any single country in lithium production. She emphasized the bright future ahead for companies like Albemarle, highlighting their investments in Chile and plans for expanding lithium production in the U.S.