Part 6/14:
One of China’s most significant strategic moves involves controlling the materials vital to the energy transition—magnets, rare earth elements, and battery components. China has held a near-monopoly—around 90%—in magnet production since acquiring key firms in the 1990s, enabling it to restrict access at will. Recent Chinese actions have demonstrated their leverage; for example, Ford's assembly plants in the US faced shutdowns due to a lack of magnets, highlighting the fragility of Western supply chains.