Beijing's export halt is notable because China has a stranglehold on global supplies of rare earths and magnets derived from them. They also represent an asymmetric advantage in that rare earths constitute a small share of China's exports but have an outsize impact on trade partners like the U.S., which relies on them as critical inputs for the auto, chip, aerospace, and defense industries.
China's export restrictions also put Trump's attempts to gain control of Greenland in a fresh light. The self-governing Danish island possesses one of the world's largest known rare earth deposits.
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