March 4, 2026
Independence

The independence of states does not mean they can do whatever they want: just as with citizens, they must always take into account the consequences of their actions. For example, tariffs on China were withdrawn as soon as it threatened to stop selling rare earths to the United States.

It is inevitable that those who have more also have greater bargaining power, both internationally and privately: China has rare earths, and the U.S. market is the most attractive in the world.