… In April 2025, China restricted rare earth exports to retaliate against U.S. tariffs. Shipments began to recover after agreements were reached between China and the U.S. and Europe later in the year. …
… But they are running into a wall, because the few alternatives to Nvidia are either far weaker or, in China’s case, blocked by the U.S. “Diversification away from Nvidia reduces the Gulf’s dependence on any one commercial vendor, but it doesn’t change the political risk of dependence on the U.S. at… …