Foreign ministers from the U.S., Japan, Australia and India raised concerns over export restrictions and economic coercion at a Quad meeting in Atlanta, U.S., on Saturday, 31 October 2026, according to their joint statement.
The ministers did not name China, but the meeting followed Beijing's restrictions on critical mineral exports.
According to the International Energy Agency (IEA), earlier Chinese controls forced some manufacturers to cut production and coincided with sharp price differences between Chinese and European markets.
The IEA estimates that full implementation of China's expanded rare earth export controls could put $6.5 trillion in annual industrial production outside China at risk, including more than $3 trillion in the automotive sector. The estimate measures potential exposure, not actual economic losses.
According to the IEA's Global Critical Minerals Outlook 2026, China's April 2025 export controls on seven categories of heavy rare earth-related materials forced some carmakers outside China to reduce or temporarily suspend production.
The agency reported that European prices for gallium, dysprosium and terbium were approximately five times Chinese domestic prices, while germanium was almost three times more expensive.
These price differences indicate the cost of sourcing materials across markets, although the IEA's figures do not establish how much of the gap resulted directly from export restrictions.
In a separate assessment, the agency estimated that a complete disruption of battery-grade graphite trade could expose more than $300 billion in annual downstream production outside China.
Beijing introduced export licensing requirements for seven categories of medium and heavy rare earth-related items in April 2025.
On 9 October 2025, China announced additional controls, including restrictions affecting certain products manufactured abroad using Chinese rare earth materials or technologies.
Those additional measures were subsequently suspended. China's Ministry of Commerce confirmed in April 2026 that the suspension would remain in place until 10 November 2026.
The ministry said civilian export applications meeting regulatory requirements could be approved. Earlier licensing controls were not automatically lifted by the suspension.
According to the IEA's 2026 outlook, China dominates the processing of several strategic minerals, accounting for more than 90 per cent of global supply for gallium and certain rare earth materials.
The agency's projections also show a gap between planned mining, refining and manufacturing capacity outside dominant suppliers.
By 2035, existing and announced rare earth refining capacity in geographically diversified regions is projected to reach around two-thirds of expected mined supply, while planned magnet production would account for only one-third, according to the IEA.
The figures indicate that expanding mining alone would not provide sufficient processing and manufacturing capacity to replace established supply chains.
At the 31 October meeting, U.S. Secretary of State Marco Rubio, Japanese Foreign Minister Toshimitsu Motegi, Australian Foreign Minister Penny Wong and Indian External Affairs Minister Subrahmanyam Jaishankar agreed to establish a business forum connecting companies and government officials from the four countries.
According to their joint statement, the ministers also agreed to identify vulnerabilities in semiconductor supply chains and pledged more than $85 million in technical and financial assistance for trusted advanced artificial intelligence technologies across the Indo-Pacific.
Speaking after the meeting, Rubio said the Quad was not an anti-China coalition, but acknowledged that the behaviour attracting criticism was repeatedly associated with one country, according to Reuters.
The meeting took place ahead of the 10 November deadline for China's suspended export measures.
While the IEA has documented production interruptions and substantial price differences, it has not established a single figure for worldwide economic losses caused by the restrictions. Its $6.5 trillion estimate instead highlights the scale of industrial activity potentially exposed if expanded controls are fully implemented
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