MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earths and help loosen a stranglehold by top producer China on the minerals vital for military applications,

The U.S. and China said they have agreed on a deal to reduce tariffs and expedite shipments of rare-earth metals. The post US, China agree on deal for tariffs, rare-earth magnets appeared first on FreightWaves.

Shares of two of the biggest U.S. rare earths producers, MP Materials and USA Rare Earth, slumped Friday after officials from the White House and China confirmed the framework of a new trade deal.