Why Rare Earths Are About to Cost a Lot More

Contrary to Trump’s claim, diversifying the supply chain won’t drive down prices.

A man in construction clothes and a safety helmet picks up reddish-brown soil October 27, 2025, 12:01 AM Comment icon View Comments ( )

China’s latest announcement of export controls on rare-earth minerals has reignited familiar concerns in the United States, Europe, and elsewhere about supply chain vulnerabilities, technological dependencies, and geopolitical risk. The seeds of this crisis were planted decades ago, when rare-earth production and processing shifted to China because it was cheaper, or even below cost, and came with little environmental constraints. By outsourcing the environmental burden of rare-earth production to China in exchange f

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