He said that the government was assisting small companies that depended on Chinese suppliers in locating substitutes.
Finding other suppliers that are not on the current list that China is on is one way that the officials are considering how to best handle their concerns, he said.
Up until 2023, 99 percent of the heavy rare earth metals produced worldwide came from China.
In addition, 90 percent of the almost 200,000 tons of rare earth magnets produced each worldwide—which are significantly more potent than regular iron magnets—come from China.
China is a concern for the White House. “Period,” said Hassett.
Additionally, more tariffs might be on the horizon.
