China's rare earth curbs endanger $6.5 trillion of Western industry, IEA says

IEA warns China’s full rare‑earth export controls could put about $6.5 trillion of downstream production — from cars and electronics to defence and energy — at risk, with the U.S. and Europe taking nearly half the hit.
Beijing’s planned graphite controls (key for EV batteries) could put roughly $300 billion of production outside China at risk; China still processes over 90% of global graphite.
Western governments are ramping up financing and new projects (public commitments rose to $65 billion), cutting China’s rare‑earth processing share from 90% to 85% and potentially to 70% by 2035.