This week, China announced a ban on exports of certain rare minerals to the United States – threatening to shake up tech manufacturing operations stateside. It’s the latest escalation in tensions between the superpowers, and comes after the Biden administration this week announced new export restrictions on chips to China.

As China responds to the latest U.S. measures by banning the export of several key minerals, one analyst warns of "a trade war that has no winners."

The Chinese Commerce Ministry made the move after the U.S. expanded a list of Chinese companies subject to export controls like computer chip-making equipment and software.