At their Sept. 24 summit, Presidents Trump and Xi agreed that the United States and China would continue working toward resolving supply chain issues related to critical minerals. Rare-earth shipments nonetheless remain constrained—and U.S. rare-earth mining continues to lag behind Chinese production. Domestic production doesn't even cover half of domestic demand, so it's likely that the United States will remain heavily dependent upon China for rare earths for years to come.
Whether the U.S.-China diplomatic relationship yields a long-term détente, a confrontation, or something in between, there may nonetheless be strong incentives for domestic minerals companies to bolster U.S. rare-earth production in the years to come. Several companies in a variety of different stages of growth could all benefit, although some certainly remain more speculative than others.
