China’s tightening grip on the minerals that power America’s high tech is no longer a distant geopolitical concern: It’s an economic threat already moving through U.S. supply chains.
That’s the warning from Wilbur Ross, former U.S. secretary of commerce under President Donald Trump, who says Beijing has learned how to use rare earth minerals as leverage over the United States, and may be preparing to weaponize supply chains even further.
“Rare earths are a very useful weapon for China,” the private equity mogul told Fortune in an interview. “For giving up a little bit of revenue, they are achieving a pretty good bang for the buck.”
