If international trade is a game of chess, China has the U.S. in check — with few good options for the next move. Why it matters: The trade war has exposed just how deeply the U.S. economy is at the mercy of an accident of geology — China's supply of the rare earth minerals that power our modern high-tech society.

China accused President Donald Trump of causing severe disruption to global supply chains after he doubled the U.S. steel and aluminum tariffs to 50 percent. Trump hiked the Section 232 tariffs in a proclamation that took effect on June 4 after reevaluating the impact of importing large quantities of the metals,