That's the real problem. We've seen this happen in the rare earths industry over and over since about 1990, with wild swings in prices and profits. When demand

That's the real problem. We've seen this happen in the rare earths industry over and over since about 1990, with wild swings in prices and profits. When demand and supply have a lot of inertia, minor changes in either cause big change in prices. A US startup is preparing to mine titanium in Tennessee. Three US startups in different states want to start up rare earth mines. They all need some assurance of not being drastically undercut on price, or some way to hedge that. If we're going to have protective tariffs, they should be at the consumer product end, not the raw materials end. Smartphones, not steel.