, Columnist
Trump's Misguided Plunder
Market forces will ensure rare-earth supply meets demand.
Not so rare, actually.
Photographer: Nelson Ching/BloombergThis article is for subscribers only.
For nearly a decade, American policy makers and industrialists have warned of a looming apocalypse in the world's supply of rare-earth elements, which are crucial components in everything from electric cars to military hardware. Because China accounts for nearly all global production of the metals, the theory went, it could place a choke-hold on U.S. manufacturing.
But the apocalypse never arrived. Instead, researchers and entrepreneurs have sought out new sources of rare earths, ensuring that markets -- and not China -- will ultimately control their supply. As Donald Trump's administration mulls a risky new effort to exploit more rare-earth deposits, it should take a lesson from recent history.