America shot its arsenal empty in 2 wars. Now it needs Beijing's permission to reload
Author: Steve H. Hanke and Jeffrey Weng
Outlet: Fortune
Date: April 30, 2026
Hanke and co-author Jeffrey Weng warn that after expending munitions across two recent wars, America's defense industrial base has become dangerously dependent on China to replenish its weapons stockpiles. They calculate that roughly 1,100 missiles fired required 1.5 to 3 tons of neodymium-iron-boron (NdFeB) feedstock, and that restocking four key weapons systems will require five to ten metric tons of finished defense-grade rare-earth magnets, more than 95% of which come from China, which also refines the vast majority of the world's dysprosium and terbium. The authors argue this leaves Washington effectively needing Beijing's tacit permission to rearm, a stark vulnerability exposed just as Trump heads to Beijing.
Full Citation:
"America shot its arsenal empty in 2 wars. Now it needs Beijing's permission to reload," Fortune, April 30, 2026. (with Jeffrey Weng)