Businesses and governments across the West are gearing up to counter China’s dominance in a key component of modern technology: the magnet. However, the dozens of companies pushing for government support will struggle to manage a supply chain to rival China’s rare-earth magnet industry, which has a decades long head start and committed state support.Powerful magnets made of rare-earth minerals are necessary components in electric-vehicle motors, wind turbines and other technology. China mines over 70% of the world’s rare earths and is responsible for 90% of the complicated process of turning them into magnets, analysts say. That dominance gives Beijing sway over markets of numerous fast-growing technologies. The US government is investing tens of millions of dollars in efforts to mine and process rare earths. President Biden signed an executive order in February-directing a review of supply chains for critical materials, including rare earths. His recent infrastructure plan also guaranteed investment in rare-earth separation projects. Officials in Europe, Canada, Japan and Australia are getting their checkbooks out too.