TOKYO -- The U.S., Australia, Japan, and India are on the verge of joining hands to build a rare-earth procurement chain to counter the dominance China plays in supplying these crucial elements to makers of everything from smartphones to high-performance motors to EV batteries.
China currently produces nearly 60% of the world's rare earths, and its market power has posed supply concerns. The Quadrilateral Security Dialogue nations intend to counter this by cooperating in funding new production technologies and development projects. They also intend to lead the way in drafting international rules.
