Tracey Mumford

That's because China dominates global production of rare earth minerals, which are crucial components of U.S.

weapons, from cruise missiles to fighter jets.

One former U.S.

trade official told The Times, quote,

Meanwhile, now the UK energy giant BP has just released its latest results and it made profits of $3.2 billion in the past three months, double this time last year.

As the war continues, oil companies have been posting spectacular profits.

In recent weeks, they've been sharing huge earnings numbers, with the conflict rocking the global energy market.

One executive saying the volatility has created opportunities.

The Times global econ correspondent, Patty Cohen, has been digging into what is behind those sky-high profits.

Patty says the new profits have reignited a debate in Europe over whether to impose a temporary windfall tax on oil and gas companies' sudden jackpot.

That money could then be used to help slash consumers' energy bills across the continent.

Most EU countries did that in 2022 after Russia's full-scale invasion of Ukraine drove oil prices way up.

But it was a challenge to actually collect the money.

One French economist told The Times that in response, oil giants did things like shift their profits to offshore tax havens.

On Capitol Hill yesterday, the Senate voted in Kevin Warsh as the new chair of the Federal Reserve.

But even as he steps into the new job, there are major concerns in Washington over whether he will maintain the Fed's tradition of independence from the White House.

Are you going to be anybody's human sock puppet?

Warsh's confirmation hearings were filled with questions about whether he plans to do the bidding of President Trump, who handpicked him for the job.

Trump has spent the last year and a half relentlessly attacking the outgoing Fed chair, Jerome Powell.

for not lowering interest rates like he wanted him to.