

China has a lot more leverage to increase this price. Export tariffs on US listed companies to US, and perhaps to countries that choose to further increase sycophancy to US empire. Prevent US manufacturing with more export controls.
The problem with decades of propaganda/smearing is that too many people believe it. Bessent yesterday said “They only have a pair of 2s” as cards. No one in the room has not been programmed to “repeat that China is on brink of collapse for all of the last 20 years”. Hitler couldn’t win war because generals had to be loyal to every syphilis inspired thought of the dotard.
Iron ore is available everywhere. Steel production is more of a bottle neck, even if emergency development of a new mine might take 1 year (but increased production from existing mines is much quicker). In US, more iron ore is exported than used in domestic steel production.