Deep Analysis · Asia Key Facts—The move. On June 22, 2026, China (MOFCOM Announcement No. 23) added 10 US firms to its export-control list, including MP Materials and USA Rare Earth.—The target. Those two are the very companies Washington funded to break China’s grip — the spear point of US rare-earth independence.—The dominance. China controls about 60 percent of global rare-earth mining, 90 percent of processing, and 94 percent of the world’s magnets.—US dependence. The US was 67 percent net import-reliant for rare earths in 2025, and 100 percent reliant …
Asia
Asia & Latin America
China’s Rare-Earth Lever: Retaliation as Industrial Policy
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June 22, 2026
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8 min read
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