Rare earth stocks surge on U.S-China trade dispute over the critical minerals
A dump truck transports raw ore inside the pit at the Mountain Pass mine operated by MP Materials on Friday, June 7, 2019 in Mountain Pass, California, United States.
Joe Buglewicz | Bloomberg | Getty Images
Shares of U.S. rare earth miners rose in early trading Monday after President Donald Trump threatened China with retaliation over strict export controls.
USA Rare Earth increased by more than 18 percent Critical Metals increased by 18% Energy Fuels increased by more than 11% and Multi-Purpose Materials It rallied about 8%.
Trump on Friday threatened China with a “major” increase in tariffs in retaliation for Beijing imposing strict export controls on rare earths. The president later toned down his rhetoric on Sunday, saying the situation with China “will be fine.”
Meanwhile, the Department of Defense is accelerating efforts to stockpile $1 billion worth of critical minerals. Financial Times.
And JPMorgan Chase said Monday it would invest up to $10 billion in companies vital to U.S. national security.
“It has become painfully clear that the United States has allowed itself to become dependent on unreliable sources of critical minerals, products, and manufacturing, all of which are vital to our national security,” JPMorgan CEO Jamie Dimon said in the press release. he said.
Rare earths are a subset of critical minerals that are important inputs in U.S. weapons platforms, robotics, electric vehicles and other applications.
