2025-08-18
7 分钟The Economist.
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Soon after the blockade started, the panic began.
When China choked off the export of rare - earth elements in April,
producers and politicians around the world were quick to sound the alarm.
China provides over 90% of the world's supply of refined rare earths,
which are used to make the strong magnets inside almost anything with an electric motor, from vacuum cleaners to cars,
and which also appear in high-tech products from smartphones to fighter jets.
Some carmakers curtailed production; the industry is in "panic mode", said one boss.
Ursula von der Leyen, head of the European Commission, thundered against China's "dominance" and "blackmail".
At first glance the use of rare earths as a weapon is working —
and China's president, is getting what he wants.
After the flow of rare earths resumed, America's president lifted controls on the sale of some Nvidia chips,
and delayed a hefty increase in import duties;
on August 11th America and China further extended their trade truce.
In July Mrs von der Leyen went cap-in-hand to Beijing, seeking looser restrictions.
But in the long term, China's rare-earths weapon will backfire.