The US has claimed China’s dominance over rare earths is coming to an end, with Treasury secretary Scott Bessent telling the Financial Times in October that Beijing’s leverage over the metals would last no more than 24 months.
China last month tightened sweeping export restrictions on rare earths and magnets, used in everything from electric cars to refrigerators, although the country’s leader Xi Jinping agreed a temporary reprieve with US President Donald Trump under which the controls will not apply for another year.
The rise in trade tensions has focused US policymakers’ minds on the country’s reliance on China for the minerals, with a race under way to develop new sources and processing facilities.
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