Over the past year, China has tightened its grip on the global supply of nearly 20 critical minerals by placing restrictions on gallium, rare earths, and, most recently, antimony. These actions, which Beijing has justified with opaque references to national security concerns, underscore a troubling reality: China's dominance over essential resources gives it tremendous power to weaponize its market position against the United States and its allies.
The impact is already being felt. Prices for gallium, a crucial component of semiconductors and solar panels, roughly doubled in Europe after China began imposing export curbs in mid-2023. The same fate could await the market for antimony, which is used in flame retardants, batteries, and defense applications like night-vision goggles and nuclear weapons. With demand for these building blocks of the modern economy skyrocketing as the world races to electrify transportation, digitize industry, and fortify defense capabilities, the prospect of crippling shortages looms large.
