Rare Currency: Critical Minerals in a Shifting Global Economy

The United States is more import-dependent on critical mineral than at any point in its modern history, while China dominates the global rare earth industry, with consequences that reach across defense readiness, grid reliability, and industrial competitiveness. Closing that gap has become a national priority, and the pace of action has accelerated: the U.S. government has deployed executive orders, DFC financing, export controls and bilateral mineral agreements are reshaping the landscape. But domestic production takes decades, allies are indispensable, and the distance between policy ambition and commercial reality remains significant. Where is the U.S. strategy gaining traction? Where do structural barriers remain? And, what will it take to build supply chains resilient enough for the demands of the next decade?