Tariff Tantrums are Back (Patreon)

President Trump canceled his meeting with China and said "massive" tariff increases are coming.

40 minutes later, the S&P 500 erased -$1.2 TRILLION of market cap.

Rare earth metals power everyday tech like phone screens, electric vehicle batteries, and military gear, but the U.S. relies on China for 70% of its supply. Without alternatives, restrictions could hike prices and slow innovation in AI and defense.

China has wielded rare earth controls as leverage before, cutting exports in 2010 to spike global prices and threatening again during the 2019 trade war. This week's move echoes April 2025 curbs that led to a June trade framework easing limits, suggesting it's renewed brinkmanship before the scrapped South Korea summit.