MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earths and help loosen a stranglehold by top producer China on the minerals vital for military applications,

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.