US-China supply-chain weaponisation re-escalating via reciprocal restrictions — China's rare-earth export curbs on US entities (defence/EV/semiconductor inputs) against a US blacklisting, mirrored by US domestic-chip onshoring (Apple-Intel). Mechanism: critical-mineral and chip chokepoints become bargaining instruments, raising input-cost and supply-disruption risk. Bears on ES (semis/defence/EV input exposure) and the broader tariffs/reshoring complex.