Aerial view of a container ship docked at the Port of Oakland on October 10, 2025 in Oakland, California.
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Shares of several U.S.-listed rare earth mining companies fell on Monday after U.S. officials said they expected China to delay imposing export controls on critical minerals as part of a broader trade deal.
important metals Shares fell 8.5% in pre-market trading. usa rare earths decreased by 7.2%, MP material fell 5.3%, and Trilogy Metals fell 5%. energy fuel Meanwhile, NioCorp Developments fell 4% and 6%, respectively.
U.S. Treasury Secretary Scott Bessent told NBC News’ “Meet the Press” on Sunday that the U.S. and China are expected to reach a deal to avoid new 100% U.S. tariffs on Chinese goods, and that Beijing plans to postpone imposing tough rare earth export controls.
His comments came ahead of a high-stakes meeting between Chinese leader Xi Jinping and US President Donald Trump on Thursday.
President Trump said Monday that the U.S. and China intend to “somehow get it done” on a trade deal. “I have a lot of respect for President Xi,” President Trump said aboard Air Force One en route to Japan during a week-long trip to Asia.
The US president previously threatened to impose new 100% tariffs on imports from China starting November 1, with the White House adding that export controls would also be imposed on “any and all critical software.”
Earlier this month, China announced a new framework to restrict rare earth exports. The move was seen as a stark warning to the West and a reflection of deepening mistrust between China and the United States.
Indeed, China is the undisputed leader in the critical mineral supply chain, producing nearly 70% of the world’s rare earth supplies from mines and processing almost 90%. In other words, these raw materials are imported from other countries and refined.
“Details are still limited and nothing will be finalized until President Trump and Xi Jinping meet,” Wolf Research analyst Tobin Marcus told clients in an Oct. 26 note.
“However, with another ceasefire now looking almost certain, China is likely to suspend rare earth export controls entirely for a year. That would be better than a licensing agreement instead,” Marcus said.
—CNBC’s Michael Bloom contributed to this report.
