RARE earth and critical minerals are the newest arena of competition between the big powers. While China dominates the global supply of these minerals, the US is trying to catch up by rushing to strike mineral resources deals with several countries and taking other initiatives.

Over the decades, China built a near-monopoly in the extraction and processing capacity of rare earth minerals, which are used in electronics, electric cars, radars and military weapon systems. Last year, President Donald Trump saw how China pushed back against his tariffs by imposing curbs on exports of rare earth minerals. This threatened US industry and forced Washington to back down. He has since stepped up efforts to reduce dependence on China by seeking to develop alternate sources of supply and make new investments. His stated aim to seize Greenland is mostly driven by this.

Trump has also announced the establishment of a strategic critical-minerals stockpile, named ‘Project Vault’ worth $12 billion, in an effort to reduce the risk to manufacturers from supply disruptions, while his administration tries to deal with China’s dominance in rare earths and other metals. Last week, Washington hosted a critical minerals ministerial to which delegations from 50 countries were invited with the aim of forming a preferential trade bloc and seeking collaboration to diversify supply chains.

An insightful new book describes how China came to establish its ascendancy in the batteries sector by making strategic investments much earlier, while the US focused on oil and the technologies of the past. The Elements of Power by journalist........

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