China has tightened its hold on the rare earth market, controlling about 60% of production and almost 90% of refining. Recent export controls have exposed vulnerabilities in U.S. industries, especially automotive, with companies like Ford scaling back production due to rare earth shortages. Analysts warn that these controls could bring American automotive production to a halt. U.S. firms anticipate running out of rare earth stocks within three months, prompting calls for negotiations to ease restrictions and secure supply lines crucial for military and industrial applications.
"The whole world economy relies on these magnets from China. If you stop exporting those, it will be felt across the globe."
"China's curbs could halt America's automotive plants entirely."
"75% of US firms expect their rare-earth stocks to be exhausted within three months."
"US producers urged Washington to negotiate an end to the restrictions, as the strategic use of rare earths becomes paramount in geopolitical discussions."
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