Good luck with that. China has already achieved near complete global domination of rare earth supply chains especially in the most difficult part which is the refining of the raw materials into useful products. It would take decades and huge investment for any alternative refining capacity to be built outside of China and is unlikely to be capable of competing with Chinas refiners on price so would require massive government subsidies to ever happen. Japan realised this problem more than a decade ago and have made almost no progress on finding alternatives.

The wealth of nations is to a large extend dependent upon governments directing capital and resources toward such strategic assets and capabilities... The west has neglected this reality for decades while under the spell of neoliberal financialised voodoo economics and its deeply flawed ideology.

China has won the trade war and the rest of the world can and is being held to ransom for access to refined rare earth supply chains.

Does the west even have the unity of purpose and will to build alternatives? Seems very unlikely as long as so many in the west remain under the illusion that free markets will solve all problems and that governments are wholly parasitic and corrupt.