US-China Rare Earth Clash Intensifies
Rare earth minerals have widespread uses, from fighter jets and submarines to cell phones and electric cars, resulting in high demand.
China's announcement to impose severe restrictions on its rare earth minerals starting December 1 has caused concern, as the US currently gets about 70% of its rare earth minerals from China.
"This is China versus the rest of the world. They have pointed a bazooka at the supply chains and the industrial base of the entire free world and we’re not gonna have it." - Treasury Secretary Scott Bessent
In response to China's announcement, President Donald Trump has threatened to add a 100% tariff on China starting November 1.
Author's summary: US-China trade tensions escalate over rare earth minerals.
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