New Delhi, July 13 -- The arithmetic of supply chain independence from China is unforgiving. The United States and Europe would need to spend roughly $23.6 trillion over a decade to meaningfully reduce their reliance on Chinese production networks, according to a study by EY-Parthenon cited by the Financial Times - a figure that exceeds the combined annual output of the European Union.

rare earth processing, semiconductor manufacturing, battery cell production, solar components, pharmaceutical active ingredients, and steel. The $23.6 trillion estimate covers investment in alternative production capacity, new infrastructure, and the transition costs of moving sourcing away from suppliers that have spent three decades accumulating scale ad...