Element wars: Is technology dependent on China's minerals?

China controls more than 70% of the global rare earth elements market, the strategic materials underpinning technologies from smartphones and AI servers to EV batteries and guided missiles. Since 2023, Beijing has progressively tightened export restrictions on these minerals, disrupting production planning for Western manufacturers. In response, the US and EU are investing billions of dollars in mining projects across Africa and Latin America to reduce dependence on Chinese supply. The standoff matters because rare earths are critical inputs for next-generation technology and defense supply chains. Watch for further Chinese export controls and the pace at which Western-backed mines outside China reach production.