Look under almost every element of President Trump's second-term foreign policy — from the trade war with China, to peace in Ukraine, to annexing Greenland — and you'll find critical minerals.

Why it matters: China has the U.S. in a bind when it comes to supplies of rare earths and other scarce minerals, and President Xi Jinping has proved he's willing to squeeze. That's why Trump was so intent on signing a one-year trade truce with Beijing, and why he's scouring the world for alternative sources.

The big picture: The U.S. needs rare earth magnets to build everything from fighter jets to wind turbines. Virtually all global output runs through China. • Beijing responded to Trump's tariffs with export controls on rare earths, leaving Trump with little option but to cut a deal. Xi agreed

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