Energy security today is no longer just about procuring oil and gas. It increasingly hinges on accessing critical minerals that power everything from electric vehicles to semiconductors, solar panels to wind turbines.
But China’s structural dominance makes the supply chains for these resources vulnerable. Though it holds only 34% of known rare earth reserves, the country commands 70% of global mine output and 90% of processing capacity for these elements. And through a wave of targeted export curbs, including restrictions on gallium and germanium adopted in 2023, China has repeatedly shown its choke hold on mineral flows.
Adding to the strain is a new source of volatility unleashed by U.S. President Donald Trump’s “reciprocal” tariffs and Washington’s trade war with China, which is shaking the already fragile foundations of global mineral supply chains.
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