In May 2025, Ford stopped building Explorers at its Chicago Assembly Plant for a week.
There was no strike and no slump in demand. A supplier ran out of rare-earth magnets, the small, powerful components that sit inside the motors for power seats, wipers, and steering.
China had started requiring a license for every export of seven medium and heavy rare earths and the magnets made from them, and the paperwork moved slowly.
A month later, Ford CEO Jim Farley described the squeeze to Bloomberg. "We have had to shut down factories," he said. "It's hand-to-mouth right now."
That was June 2025. Sixteen months on, the question for anyone who owns a piece of American industry is simple. Has anything fundamental changed?
Less than the headlines suggest. Last week proved it.
A Summit Full of Pageantry, Short on Magnets