Globalization has delivered tremendous benefits — greater competition, lower costs, and broader access. But that same interdependence becomes a liability when it rests on a single, fragile pillar. China ’s power over two sectors of commodities critical to the United States affords it powerful economic leverage and creates significant risks for American economic and health security.

One of those sectors was in the news earlier this month when Beijing announced it would expand export controls on rare earth minerals, which come primarily from China and which are critical to the American production of consumer electronics, cars, and military hardware. President Donald Trump quickly threatened 100% tariffs on all Chinese imports, sending equity markets tumbling.

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