Rare earth stocks in focus amid US-China trade talks
In an aerial view, a container ship docks at the Port of Oakland in Oakland, California, on October 10, 2025.
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Shares in several U.S.-listed rare earth miners fell on Monday as U.S. officials said they expected China to delay imposing export controls on critical minerals as part of a broader trade deal.
Critical Metals fell 8.5% in premarket trading, USA Rare Earth down 7.2% Multi-Purpose Materials It fell 5.3% and Trilogy Metals lost 5%. Energy Fuels and NioCorp Developments traded 4% and 6% lower, respectively.
US Treasury Secretary Scott Bessent he told NBC News Washington and Beijing are expected to reach a deal to avoid a new 100% U.S. tariff on Chinese goods, and Beijing is ready to delay imposing strict rare earth export controls, it said on “Meet the Press” on Sunday.
His comments come ahead of a high-stakes meeting between Chinese leader Xi Jinping and US President Donald Trump on Thursday.
Trump said on Monday that the United States and China were ready to “walk away” from a trade deal. Speaking aboard Air Force One en route to Japan during a week-long trip to Asia, Trump said he has “great respect for President Xi.”
The US president had previously threatened to impose new 100% tariffs on imports from China starting November 1, and also added that the White House would impose export controls on “any critical software”.
China announced a new framework to restrict rare earth exports earlier this month. The move was seen as a stern warning to the West and a reflection of deepening distrust between Beijing and Washington.
Of course, China is the undisputed leader of the critical mineral supply chain. producing Almost 70% of the world’s rare earth resources come from mines and almost 90% are processed; This means that the company imports and refines these ingredients from other countries.
“Details are still limited and nothing will be finalized until the Trump-Xi meeting,” Wolfe Research analyst Tobin Marcus said in an Oct. 26 note to clients.
“But a renewed ceasefire now looks almost certain, with China possibly delaying rare earth export controls altogether for a year, which is better than the licensing deal alternative,” Marcus said. he said.
— CNBC’s Michael Bloom contributed to this report.
