Rare earth, metals and mineral stocks spiked on Friday following a strongly worded social media post from President Donald Trump over the rare earths export dispute with China.
• CRML is surging. See the real-time price action here.
Trump's Truth Social Post
President Trump responded strongly to Beijing's move to tighten export controls, calling the actions "hostile" and "surprising."
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He stated China has begun sending letters to other countries announcing plans to impose export controls on a wide range of materials, including rare earth elements.
"The letter they sent is many pages long, and details, with great specificity, each and every Element that they want to withhold from other Nations," Trump said in the Truth Social post.
Trump was scheduled to meet with President Xi Jinping in two weeks, "but now there seems to be no reason to do so," he added.
The U.S. may be forced to respond with financial tactics, Trump said, threatening a "massive increase" of tariffs on Chinese goods.
"For every Element that they have been able to monopolize, we have two. I never thought it would come to this but perhaps, as with all things, the time has come," Trump said.
Rare Earth Stocks Spike
Shares of U.S. domestic rare earth producers spiked on the latest developments from Washington.
USA Rare Earth, Inc. (NASDAQ:USAR) shares were up by 19.13%, according to Benzinga Pro.
Critical Metals Corp. (NASDAQ:CRML) stock climbed 21.69%.
Here's a look at other movers in the sector:
- Northern Dynasty Minerals, Ltd. (AMEX:NAK)
- Trilogy Metals, Inc. (AMEX:TMQ)
- Energy Fuels, Inc. (AMEX:UUUU)
- Lithium Americas Corp. (NYSE:LAC)
- TMC The Metals Company, Inc. (NASDAQ:TMC)
- MP Materials Corp. (NYSE:MP)
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