MP - China sets sights on rare earths as trade war persists - FT

Beijing is exploring whether it can hurt U.S. defense contractors by limiting the export of rare earth minerals that are crucial for the manufacture of Lockheed Martin's (LMT) F-35 and other sophisticated weaponry, according to the FT. The Ministry of Industry and Information Technology has proposed draft controls on the production and export of rare earth minerals from China, which controls about 80% of global supply. Industry executives say government officials have even asked them how badly companies in the U.S. and Europe, including defense contractors, would be affected if China restricted the exports.Backdrop: The decision follows deteriorating ties between the U.S. and China. What started as a trade war has morphed into a technology war, and at times, possibly a currency war. The latest move suggests a rare earths may be the next front, or could be used as leverage in some of those battles. The Biden administration has

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China sets sights on rare earths as trade war persists - FT