China now requires foreign companies to get a license to export products with rare earths worth 0.1% or more of the product’s value|Reinhard Jahn|CC BY-SA 2.0 DE

Shares of US rare earth and critical mineral companies surged Thursday after China tightened export rules, sparking speculation that the Trump administration will boost domestic supply chain investments. 

USA Rare Earth rose 15%, NioCorp Developments 12%, Ramaco Resources 11%, and Energy Fuels over 9%. Other companies, such as MP Materials, Albemarle, Trilogy Metals, and Lithium Americas, also saw gains.

China now requires foreign companies to get a license to export products with rare earths worth 0.1% or more of the product’s value. Companies also need licenses if they use China’s extraction or recycling technology.

The move comes before a planned meeting between President Donald Trump and Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation summit in South Korea this month.

US officials say China’s rules show it wants control over global tech supply chains. This is prompting the US to accelerate its own rare earth production.