The Securities and Exchange Commission is pushing public companies to disclose how Russia’s invasion of Ukraine is affecting their operations. BP, Shell and Exxon Mobil took charges of $25.5 billion, $8.4 billion and $3.4 billion respectively, but the big oil companies weren’t the only ones losing money. General Electric took a $200 million charge and McDonald’s is losing $50 million a month from shutting down its Russian operations. Netflix suspended its service in Russia and lost 700,000 viewers, the first time in a decade that its viewership declined.

All of this is nothing compared to what could happen if China tries to invade Taiwan. Trade between the United States and China was worth $615 billion in 2020, according to the Office of the United States Trade Representative. In contrast, US-Russian trade was worth only around $35 billion in 2019. But this disparity in trade volume is just the tip of the iceberg. The products we get from China – from antibiotics and smartphones to minerals and metals needed for green technologies – are far more important than almost anything we get from Russia. The Biden administration wants to commit the United States to a green program, but 80% of the rare earth minerals needed for this technology are processed by China.