In an aerial view, a container ship arrives at the Port of Oakland on October 10, 2025 in Oakland, California. U.S. President Donald Trump is threatening to impose a massive increase of tariffs on Chinese imports in response to China’s announcement of new export controls on rare earths. China controls an estimated 70% of the global supply of rare earths minerals.
Justin Sullivan | Getty Images News | Getty Images
Shares of U.S. rare earth miners were mixed on Tuesday, after booking sharp gains in the previous session on U.S. President Donald Trump threatening China with 100% tariffs over Beijing’s strict export controls on critical minerals.
Critical Metals jumped 25%, USA Rare Earth fell more than 6%, and MP Materials was down more than 1%. Shares of Energy Fuels fell nearly 1%, while NioCorp Developments tumbled more than 6%.
The moves come as investors keep a close eye on the potential for a renewed trade spat between the world’s two largest economies.
Trump on Friday announced the U.S. would impose new tariffs of 100% on imports from China starting from Nov. 1, adding that the White House would also slap export controls on “any and all critical software.”
The U.S. president appeared to water down his rhetoric on Sunday, however, saying the situation with Beijing will “be fine.”
China on Thursday announced a new framework for restricting rare earth exports in a move that was seen as a stark warning to the West — and a reflection of the deepening mistrust between Beijing and Washington.
U.S. rare earth stocks posted bumper gains on Monday. Critical Metals closed the session up more than 55%, while MP Materials rose 21% and USA Rare Earth popped 18%.
China is the undisputed leader of the critical minerals supply chain, producing nearly 70% of the world’s supply of rare earths from mines and processing almost 90%, which means it is importing these materials from other countries and refining them.
Western officials have repeatedly flagged Beijing’s supply chain dominance as a strategic challenge, particularly given that critical mineral demand is expected to grow exponentially, as the clean energy transition picks up pace.
