But the experience of the past year raises a broader question: can the CRMA alone loosen China’s grip on European supply chains—or does Europe need a broader strategy to manage the risk? China accounts for around 60 percent of REE mining for permanent magnet production worldwide, but its real leverage is in refining, where it controls roughly 91 percent of global capacity. After all, tools such as price floors, offtake guarantees, strategic stockpiles, and allied investment can give European companies something they currently lack: the confidence that Chinese export restrictions will not make their business model collapse overnight.