Overview
- President Trump and Japan’s Prime Minister Sanae Takaichi signed a framework that commits joint project selection, financing within six months, stockpiling, and steps to speed permitting for critical-minerals and rare-earth supply chains.
- Malaysia said it will keep its ban on exports of unprocessed rare earths to protect domestic value‑addition, even after signing a U.S. deal whose joint statement pledged no export bans or quotas to the United States.
- Beijing’s expanded export controls on rare earths and related items were introduced this month with new restrictions reported to take effect on November 8, and Trump is set to meet China’s Xi Jinping this week with access to these materials expected to feature.
- Goldman Sachs estimates it could take about 10 years to develop new mines and roughly five years to build refineries, noting China controls about 92% of refining and 98% of magnet production.
- Market reaction has been swift, with MP Materials shares sliding about 10.7% after reports of a U.S.–China trade framework and potential increases in Chinese exports, even as the U.S. Defense Department became MP’s largest shareholder earlier this year.