China’s rare earth blackmail backfires, strengthening global resolve against China’s economic coercion

Synopsis China’s attempt to control rare earth minerals has failed. The United States and its allies are now finding new sources. This move has united Western nations against China’s economic pressure. China’s influence over rare earths is expected to decrease significantly in the coming months. Diversification efforts are underway in Southeast Asia and other friendly countries. China’s attempt to weaponise its dominance in rare earth minerals has backfired, triggering a rapid response from the United States and its allies to secure alternative supplies. US Treasury Secretary Scott Bessent said Beijing “made a real mistake” by attempting to leverage critical resources…