Economy Key Facts —The lever. China refines most of the world's rare earths and makes most of its high-performance magnets. —The move. Beijing tightened export controls on seven rare-earth elements in 2025 and aimed fresh curbs at Japan in 2026. —The squeeze. Shipments of two heavy rare earths to Japan fell to zero in late 2025, by China's own customs data. —The demand. The same magnets sit inside electric cars, wind turbines, AI-server motors and modern weapons. —The response. The United States, Japan and Australia are spending billions to build …
The Rare-Earth Choke Point: One Country, the Price of Everything
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June 24, 2026
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7 min read
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