Raytheon Chief Executive Greg Hayes admitted last week that Beijing effectively has the US military's supply chain by the balls thanks to its reliance on rare earths and other materials which come from, or are processed in, China.

"We can de-risk but not decouple," he told the Financial Times, adding that he thinks this is the case "for everybody."

"Think about the $500bn of trade that goes from China to the US every year. More than 95 per cent of rare earth materials or metals come from, or are processed in, China. There is no alternative," Hayes continued, adding "If we had to pull out of China, it would take us many many years to re-establish that capability either domestically or in other friendly countries."