미중 공급망 경쟁이 심화되고 지정학적 긴장이 지속되는 가운데 중국이 미국 희토류 공급업체를 겨냥했다.

China has expanded its trade restrictions against the United States by adding MP Materials and USA Rare Earth to its export control list, restricting the companies' access to certain Chinese-made products with both civilian and military applications. According to the Chinese Commerce Ministry's Monday announcement, designated dual-use products cannot be supplied by Chinese vendors to either firm, and foreign organizations and individuals are similarly prohibited from transferring Chinese-origin items to the affected companies. The measure extends beyond rare earth producers, with China adding eight additional U.S. companies to the export control list, including businesses in the drone, robotics, and aerospace sectors.

Both MP Materials and USA Rare Earth are central to U.S. efforts to secure domestic supplies of critical minerals for electric vehicles, defense systems, and advanced manufacturing. MP Materials operates the Mountain Pass rare earth mine in California, while USA Rare Earth is developing domestic magnet manufacturing capabilities. The Pentagon holds approximately a 15% stake in MP Materials, making it the largest shareholder, following a long-term agreement announced last year that includes commitments to future magnet purchases and pricing support designed to reduce exposure to market volatility and strengthen domestic rare earth processing and magnet production.

USA Rare Earth signed a $1.6 billion agreement with the Trump administration in January, comprising $277 million in federal funding and a $1.3 billion secured loan through the Commerce Department's CHIPS Program. In exchange, the Commerce Department acquired an ownership stake consisting of 16.1 million common shares and approximately 17.6 million warrants.

The Chinese restrictions follow the Group of Seven's agreement on a framework aimed at reducing reliance on single-source suppliers of rare earth materials, with a goal of limiting imports from any one country to below 60% of total supply by 2030. China currently produces approximately 70% of global rare earth mineral output and handles around 90% of the world's rare earth processing and refining. Year-to-date, USA Rare Earth stock has gained 107%, while MP Materials stock has increased 20%.