Europe is once again being hit by a wave of ultra-cheap Chinese goods, but this time the shock is striking at the heart of its industrial economy rather than at the edges. In the early 2000s, when China joined the WTO, the first “China shock” was largely about low-cost textiles, toys and basic consumer goods squeezing European factories that made relatively simple products.

Two decades later, the pressure is returning in a much more strategic guise. What is now pouring into Europe at cut-throat prices are cars, industrial robots, integrated circuits and other high-value, technologically sophisticated goods that sit at the core of Europe’s manufacturing model. And unlike the United States, which has chosen a muscular tariff response, the European Union is hemmed in by its own dependencies and its political divisions.

Apple has struck a landmark $500 million deal with MP Materials for the supply of rare earth magnets, in a strategic move that underscores how geopolitical tensions and China’s tightening grip on critical minerals are reshaping global tech supply chains. The agreement not only marks a major coup for MP Materials, which operates the only rare earths mine in the United States, but also reflects Apple’s broader push to secure its supply lines against future disruptions.

This deal comes just days after MP secured a multibillion-dollar agreement with the U.S. Department of Defense, which will see the Pentagon become its largest shareholder. Together, these two deals have nearly doubled MP’s stock price in under two weeks, transforming a company that last year was considering merging with an Australian rival after profits collapsed under low China-set rare earth prices.

U.S. oil and gas companies face a significant challenge in selling approximately $27 billion worth of assets intended to fund investor payouts over the coming years. This struggle coincides with the conclusion of regulatory reviews for the largest wave of energy megamergers in 25 years. Share buybacks and dividends are…