Since U.S. President Donald Trump kicked off the current round of trade tensions with China back in April with the ‘Liberation Day’ announcement of widespread tariffs on Chinese-made goods, Beijing has responded by aggressively limiting the exports of vital rare earth minerals not only to the United States but also to the rest of the world.
Despite the name “rare earth mineral”, their overall cost is actually relatively low. According to figures from the U.S. Geological Survey, in 2023, the estimated value of rare earth compounds and metals imported into the U.S. was $190 million.
Yet despite their relatively low cost, they are absolutely vital for all manner of manufactured products, from Mazdas to missiles.
