Overview

• China’s commerce ministry tightened rare‑earth export controls and defended the measures as lawful, warning it will take resolute steps if Washington escalates.
• President Trump threatened 100% tariffs on Chinese goods, then struck a conciliatory tone that helped U.S. stocks rebound from Friday’s sharp sell‑off.
• Treasury Secretary Scott Bessent said lines of communication have reopened, staff‑level talks are expected this week, and the planned APEC meeting between Trump and Xi remains on.
• Pentagon filings show an accelerated push to procure up to $1 billion in critical minerals for U.S. stockpiles, alongside a $400 million Defense Department stake in MP Materials with a 10‑year NdPr price floor.
• Investors rotated into rare‑earth and defense names as markets recovered, reflecting bets that talks will extend the tariff truce into next month even as China retains leverage over processing capacity.