In the current US-China trade war, each side holds two winning cards. One of the US's winning cards is its high tariffs, which restrict China's access to what was once its largest and most profitable export market. The second winning card is its ability to deprive China of advanced semiconductors it needs to support its technological efforts, especially in the field of artificial intelligence. More importantly, and more dangerously, is China's control over rare earth elements. Beijing holds this card, controlling about 60% of the world's mines for these elements and about 90% of its refining capacity, giving it near-monopoly control over products of vital importance to modern technologies.
