Rare earths are vital components in a vast array of modern technologies, from consumer electronics such as smartphones to the batteries of hybrid and electric vehicles , as well as medical equipment like magnetic resonance imaging machines and including fighter jets and precision-guided missiles.

With that significant leverage, China last week wrapped up two days of high-level trade talks with the US in London, where the two nations agreed “in principle to a framework” that each side would bring home for review by their top leaders.

That marked a huge difference from the bilateral trade talks in 2018, during the first term of US President Donald Trump . Beijing had made attempts to convince Washington about fostering a mutually beneficial relationship. That “moral persuasion”, however, failed to impress Trump.