Rare-earth elements, also called rare-earth metals are an essential element in our everyday lives. We use them in everything from the semiconductors that power our high-tech society to fashion accessories. The vast majority of the world’s rare-earth metals are mined and refined by China.

With political tension between the Chinese and the U.S. reaching uncomfortable levels, do we need to be worried that we could find ourselves running low on rare-earth elements? The short answer is: No.

There are several reasons why, including the simple fact that rare-earths — which are not as rare as the name implies — are not quite as important to the U.S. as they used to be.