Chinas Chokehold in Pharma: A Nuclear Option in the Trade War?

In addition to rare-earth elements, China may use its near monopoly in some pharmaceuticals as artillery in its trade war with the West.An employee weighs chemicals at a pharmaceutical company in China on Sept. 24, 2014. Johannes Eisele/AFP/Getty Images12/22/2025|Updated: 12/22/2025CommentaryChina’s near monopoly on rare-earth elements has served Beijing well in its trade negotiations with Washington. That leverage has forced the Trump administration to make concessions on tariffs and, because it is effective, has elicited efforts from both the United States and the rest of the developed world to neutralize China’s dominance in the area.Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”Author’s Selected Articles