Shares of several U.S.-listed rare earth mining companies declined on Monday after U.S. officials signaled that China may delay planned export restrictions on critical minerals as part of a potential trade agreement.

Critical Metals slipped 8.5% in premarket trading, USA Rare Earth dropped 7.2%, MP Materials lost 5.3%, and Trilogy Metals fell 5%. Energy Fuels and NioCorp Developments also traded 4% and 6% lower.

U.S. Treasury Secretary Scott Bessent told NBC’s “Meet The Press” that Washington and Beijing were close to a deal that could prevent a 100% U.S. tariff on Chinese goods, with China expected to hold off on rare earth export controls.

His remarks come ahead of a key meeting between Chinese President Xi Jinping and U.S. President Donald Trump on Thursday. Trump said the two countries are likely to “come away with” a trade agreement, expressing respect for Xi while speaking aboard Air Force One during his Asia trip.