This might be China's tiny, but powerful, secret weapon in trade war
The power in the threat of supply curbs lies in the critical importance of rare earths in a wide array of applications -- far outweighing their primary monetary value as raw materials. But what American industries from carmakers to appliance manufacturers should perhaps be more concerned by is the possibility of export restrictions that cover fabricated products like magnets. The US. relies on China for nearly two thirds of its supply.
As well as rare earths mining and processing, China dominates global magnet supply and exported a total $1.7 billion last year, Citigroup said. While the U.S. imported about $395 million, including $257 million from China, that masks the potential economic hurt to downstream industries as magnets used in miniature motors perform essential functions in automobiles, wind turbines, and many home appliances.
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