The rare earths problem: Why it could soon be harder to get a car, electronics or even an MRI

CNN —

Call it a “chip shortage on steroids.”

That’s how one expert told CNN the auto industry is describing a possible shortage of rare earth elements — minerals that are now center stage in the global trade war. Running low on those minerals could recall the pandemic-era chip shortage that jacked up car prices, used and new, across America.

China has a virtual monopoly on those 17 metallic elements, which are critical components to everyday products from cars to jet engines to electronics like smartphones and flat-screen TVs. They’re even crucial for the contrast dye used in MRI machines and some cancer drugs.

And, recently, China made it even harder to get them: The country introduced a new licensing requirement on the export of the elements in April, effectively slowing the flow o