Comment by PowerElectronix

The way I see it, China has leverage once you arreive to that dependency situation. That leverages goes away the moment they restrict exports and every country scrambles to create local production once again.

We are seeing that with some rare earths, even tho china is back into exporting them (except to japan, I think?) everyone is looking for alternatives already. They may have killed their industry 10 years down the line for playing with the export lever a bit too much.

Just like how markets punish the ram cartel creating a chance for cxmt and ymtc to enter. It would create a chance for western companies to do the same if china messes with the markets they have "cornered".