Shares of U.S. rare earth and critical mineral mining companies surged sharply on Thursday following China’s decision to tighten restrictions on rare earth exports — a move that has reignited global trade tensions and spurred expectations of a stronger U.S. policy response.
Among the biggest gainers, USA Rare Earth jumped 15%, NioCorp Developments rose 12%, Ramaco Resources advanced 11%, and Energy Fuels gained more than 9%. Meanwhile, MP Materials climbed 2%, Albemarle added 5%, Trilogy Metals rose 4%, and Lithium Americas increased 2%.
According to China’s Ministry of Commerce, foreign entities will now be required to obtain an export license for products containing rare earths that make up at least 0.1% of a product’s value. The rules also extend to companies using Chinese extraction, refining, or magnet recycling technologies, giving Beijing broader leverage over global supply chains.
A U.S. administration official told CNBC that the White House is closely reviewing the potential impact of the new restrictions, which were introduced without prior notice. The move, the official added, appeared to be “an effort to exert control over the entire world’s technology supply chains.”
The timing of Beijing’s decision — just weeks before a planned meeting between President Xi Jinping and President Donald Trump at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea — underscores the geopolitical weight of rare earths in the ongoing U.S.–China trade relationship.
Rare earth elements are essential for producing semiconductors, electric vehicle batteries, wind turbines, and defense systems, making them a strategic priority for both nations. Beijing’s dominance over the global rare-earth supply chain has long left the United States dependent on Chinese imports, prompting renewed urgency in Washington to build a domestic supply chain.
The market reaction reflects expectations that the Trump administration will soon announce new incentives and investments to accelerate domestic mining, processing, and refining capabilities — marking another flashpoint in the broader tech and resource rivalry between the world’s two largest economies.