The ongoing trade tension between the United States and China escalated significantly in early October when China decided to broaden its restrictions on the export of rare earth minerals.

President Trump indicated that his primary concern in discussions with the Chinese leader would be the issue of fentanyl.

The administration highlighted the influx of fentanyl-related chemicals from China as a key reason for imposing higher tariffs on Chinese imports.

Despite President Trump’s efforts to explore alternative sources for these crucial minerals, including a recent agreement with Australia, China continues to wield considerable influence in this sector, according to Gray.

While Trump has been looking to diversify how the US accesses these minerals, most recently through a deal with Australia, China still holds significant power, Gray said.