MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earth magnets and help loosen China's grip on the materials used to build weapons, electric vehicles and many electronics.

China signaled it would approve the export of rare earth minerals in a statement Friday hours after White House officials said that the US and China had signed a trade agreement to work out tensions linked to US access to the key material.

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.