A new cold war is brewing over rare earth minerals

The future of everything from smartphones, to military equipment, to electric vehicles hangs on 17 rare earth minerals and the magnets that they're made into. And China, the world's largest refiner and producer, is tightening its grip and threatening the US' largest automakers.

Over the last 30 years, China has methodically cornered the market on mining and refining rare earth minerals, which are used to produce a variety of common items like passenger vehicles and everyday electronics. In the wake of US President Donald Trump's increasingly aggressive trade war, China is leveraging its position as the world's largest producer, at the expense of the American auto industry.

"We're within 90 days of this becoming a critical problem for everybody," say Ambrose Conroy, founder of Seraph Consulting and a major investor in Democratic Republic of Congo mining operations.

According to analysts, more than 90 percent of the world's supply of those 17 elements at the bottom of the periodic table are mined, refined, and turned into rare earth magnets in China. After Trump announced tariffs of up to 145 percent on …

Read the full story at The Verge.