President Donald Trump on Thursday said he had inked a deal with China to ease the flow of rare earth elements to U.S. companies, part of a trade spat that riled U.S. automakers reliant on the materials.
“We just signed with China yesterday,” Trump said during an event at the White House. “We’re not going to make deals with everybody.”
Energy companies and EV makers have found themselves in the crosshairs of a global trade war between the U.S. and China, the world’s two biggest economies.
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For companies that need rare-earth magnets, the situation is especially tricky. China makes 90 percent of the world’s rare-earth magnets, which are critical to making everything from military equipment to renewable energy and EVs.
