The United States has known for years that its economy runs on materials that it can’t control. The rare-earth metals that power F-35 fighter jets, electric vehicles, and iPhones mostly comes from one place: China.
Now, after years of warnings, that dependence has turned from an abstract vulnerability into a central fault line in global trade. An agreement between President Donald Trump and Chinese President Xi Jinping earlier this month has pulled the U.S. back from the brink of panic, at least for now, but the supply chain’s long-term vulnerability remains.
