 "US President Donald Trump and Japanese Prime Minister Sanae Takaichi hold up signed documents regarding securing the supply of critical minerals and rare earths, at a bilateral meeting at Akasaka Palace in Tokyo, Japan, October 28, 2025. File Image/Reuters")
US President Donald Trump, on his Asia trip, has signed a slew of rare earth deals, including with Cambodia, Malaysia and Japan.
The development comes in the backdrop of China imposing export controls on the critical item, which Trump has likened to taking the world hostage.
However, despite Trump’s wheeling and dealing, experts say the balance of power when it comes to rare earths is unlikely to change in the near future, with Beijing controlling nearly 90 per cent of the refining process.
Rare earths are a key ingredient in much of our technology and the industries of the future. But have you ever wondered how they go from being raw ore to magnets?
Let’s take a closer look at the step-by-step process, why countries want rare earths and China’s dominance within the industry.