Overview
- Beijing’s Commerce Ministry confirmed a one‑year suspension of certain export restrictions, including on rare earths, under a pact that both sides described as extendable.
- The agreement follows months of escalating controls from China, which earlier added five elements and related magnets to its control list and required licenses for rare‑earth manufacturing technologies.
- Trump said the deal includes a partial U.S. tariff rollback, while reports note that China’s initial curbs announced in April appear to remain in place.
- Washington and partners accelerated diversification moves, with a U.S.–Japan accord to coordinate investments, speed permitting and build joint reserves, alongside EU efforts such as the RESourceEU plan and potential anti‑coercion measures.
- China supplies about 61% of mined rare earths and roughly 92% of processing globally, the U.S. relies heavily on Chinese imports, and analysts warn alternative supply chains could take 10–15 years and significant investment to scale.