China banned the export of samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium in April in response to US tariffs. Those elements are essential for manufacturing processors, medical equipment, military kit, smartphone hardware, and vehicle engines. China also banned the export of rare-earth mineral processing hardware, reinforcing its market dominance. China controls at least two-thirds of the rare-earth market. Rare-earth mines are geographically scarce and new manufacturing and processing capacity takes years to bring online. The Pentagon recently became majority shareholder in America's only rare earth mine. Canada, Australia, Malaysia, and Greenland are exploring mining development, while supplies tighten.
"They have to give us magnets," Trump told reporters on Monday. "If they don't give us magnets, and then we have to charge them 200% tariff or something, you know, but we're not gonna have a problem. Youtube Video "We have tremendous power over them, and they have some power over us. With magnets, we're going to have a lot of magnets in a pretty short period of time. But with that being said, I think we have a great relationship."
In April, peeved by US tariffs, China banned the export of samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, which might sound like a Tom Lehrer song but is less funny. These are key components in the ability to manufacture processors, medical equipment, military kit, smartphone hardware, and vehicle engines - and China owns at least two-thirds of the mineral market.
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