China’s rare-earth magnet shipments jump 158% after trade truce

On July 1, US Treasury Secretary Scott Bessent said flows of magnets from China had picked up but were still not going fast enough.

China boosted shipments of rare earth magnets in June — including to the US — after a global supply squeeze that threatened factory closures and inflamed trade tensions.

Total cargoes of the magnets rose to 3,188 tons last month, according to Chinese data on Sunday, more than double volumes of 1,238 tons in May in the midst of China’s curbs. Flows to the US alone rose to 353 tons, up from just 46 tons. Total shipments were still substantially lower than before Beijing launched export controls in early April.

China put restrictions on seven of 17 rare earth elements, which also extended to the powerful magnets used in high-tech manufacturing from electric vehicles to smartphones and fighter jets. That threatened deep disruptions to US industry and encouraged US President Donald Trump to agree a trade truce.

After trade negotiators struck an agreement in June in Geneva to ease tensions, Trump said China had agreed to fully supply rare earths and magnets. On July 1, US Treasury Secretary Scott Bessent said flows of magnets from China had picked up but were still not going fast enough.