, Columnist
A $12 Billion Critical Minerals Reserve Promises a Glut
Protecting the supply chain.
Photographer: Jonathan van der Knaap/Bloomberg
In the world of critical minerals, it’s either feast, or famine.
For much of 2025, manufacturers dependent on the suite of rarely used, vital elements whose production is dominated by China were in a state of mild panic. Export restrictions imposed by Beijing in the wake of President Donald Trump’s Liberation Day tariffs caused collateral damage way beyond their intended target, the US.