China has tremendous power over the rare earths market. The country has the biggest mines, producing 270,000 metric tons (297,624 tons) of minerals last year compared to the 45,000 tons (40,823 metric tons) mined in the U.S. China supplies nearly 90% of the world’s rare earths because it also is home to most of the processing capacity.

As the trade war continues to escalate, China has hit back at Trump by suspending exports of rare earth minerals.

MP Materials said on Thursday it had stopped shipping rare earth concentrate to China in response to the that nation's retaliatory tariffs and export controls following the levies imposed by U.S. President Donald Trump,