China tightens rare earth and critical minerals export controls, hitting US and EU firms
Every F-35, EV motor and wind turbine built outside China now depends on a licensing decision made in Beijing. On June 22 China tightened export curbs on 10 US firms, then blocked dual-use shipments to 14 EU firms by July 24. China controls about 90% of rare earth processing. Neo
China is quietly rewriting the rules of global manufacturing, one export license at a time. On June 22, 2026, China's Ministry of Commerce tightened export restrictions on 10 US companies, barring anyone anywhere from supplying them with China-origin dual-use materials. By July 24, the same treatment had been extended to 14 firms across the European Union. The leverage is enormous. China controls roughly 90 percent of global rare earth processing, 80 percent of tungsten refining and 60 percent of antimony production. These are not obscure inputs. They sit inside F-35 fighter jets, precision-guided munitions, electric vehicle motors and wind turbines. The price signal is already flashing. Between January and June 2026, neodymium-praseodymium oxide prices surged sixfold, tungsten concentrate tripled and antimony doubled. The International Energy Agency has warned that full enforcement of China's rules could put 6.5 trillion dollars of downstream production at risk worldwide. Western supply is thin. US producer MP Materials $MP is one of the few processors operating at meaningful scale outside China, which is why every new restriction lands harder than the last. Sources: S&P Global / Rare Earth Exchanges / Andersen Institute