Pentagon’s ‘Deal Team Six’ Takes Aim at China’s Rare Earth Power

From an office a few blocks from the White House, a group of former Wall Streeters is at the forefront of the Pentagon’s plan to crack China’s critical-minerals stranglehold.

Their goal is to create an independent source for the rare earth elements and magnets used in everything from microwave ovens to missiles. They want to prevent a repeat of last year, when President Donald Trump was forced to back down in his trade war after China cut off supplies.

President Donald Trump reviews an honor guard with Chinese President Xi Jinping at the Great Hall of the People on May 14.

Photographer: Alex Wong/Getty Images

The Pentagon group is known internally as “Deal Team Six” in a half-joking reference to the Navy’s elite special missions ...