MP Materials cuts off US rare earth to China in ongoing tariff battle
Mark Smith, CEO of Niocorp, joins “Al -Sabah with Maria” to dismantle president Donald Trump’s introductory agenda and its impact on critical mineral imports in the United States.
In response to Chinese reprisals and export controls, MP materials, which have the rare Earth mine of the United States, announced on Thursday that they will stop rare land shipments to China.
The company said in a statement that they were preparing for this moment and that it reflects “a long -term vision that was designed to carry the short -term dislocation and appear stronger.”
The company also said that the sale of its “critical” materials less than 125 % of the customs tariff is not commercially and not in line with the National interest of America.
Chinese trade war weapons: A rare ban from land and emptying American debt can paralyze the American economy and defense
MP Mateials says it has started chapter – or refining – from Rees in recent months. This is the first time that the effort on American soil has occurred since 2015. (MP / Fox News)
The deputy says that more than 70 % of her revenue comes from the sale of rare land concentrated from the rocks that are almost refined in California and selling it outside China.
This rare land of the California mine focuses on 17 minerals used to produce magnets that help convert energy into movement of electric cars, mobile phones and other electronics.
MP Rare Earth Open-Pit Mine in Mountain Pass, California, United States on January 30, 2020. The image taken January 30, 2020. (Reuters / Steve Marcos / Reuters)
“MP has invested nearly a billion dollars to restore a rare land supply chain in the United States. Today, our California Refinery processes nearly half of our production, with almost all these materials sold to markets outside China – including Japan, South Korea and the United States,” the company said.
Their decision comes after President Trump’s order to investigate possible new definitions on all critical metal imports.
Trump says he “will look” at the exemption of some major American companies that arise through the customs tariff
MP Mateials is preparing to manufacture this magnet in the United States – especially for electric cars in General Motors. (MP / Fox News)
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They say they will remain “in close contact with federal leaders and encourage their determination to support the American industry” and that they are “proud to lead this effort for our partners, our country and the future.”
The deputy will report quarterly profits and provide more details on May 8.
Reuters contributed to this report.
2025-04-18 07:41:00
