Beijing has expanded export controls on rare earths. The latest move requires foreign buyers to obtain a Chinese export licence and extends controls to foreign-made products that use rare earths or technology from China.
Washington shot back with threats of sweeping tariff hikes. Markets shuddered and supply-chain chiefs braced.
The stakes are systemic. China wields a chokepoint through its dominance in processing of rare earths and manufacture of magnets; the US wields the world’s most powerful…
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