'Rare earths are a very useful weapon for China': Former Commerce Secretary Wilbur Ross on the big economic danger.

The article discusses the economic threat posed by China's control over rare earth minerals, which are crucial for high-tech industries and national defense in the United States. Wilbur Ross, former U.S. Secretary of Commerce, warns that China's dominance in refining and processing these minerals allows it to leverage supply chains against the U.S., particularly following new export licensing requirements that could lead to rationing. He highlights the potential for factory shutdowns in the U.S. if supply strains continue, noting that companies like Ford Motor have already indicated risks to their operations. Ross expresses skepticism about the likelihood of a trade resolution with China, suggesting that the U.S. is lagging in addressing this minerals conflict. [Extracted from the article]