China’s exports of rare earth magnets to the United States in June soared to more than seven times their May level, marking a sharp recovery in the flow of critical minerals used in electric vehicles and wind turbines after a Sino-U.S. trade deal.
Outbound shipments to the United States from the world’s largest producer of rare earth magnets surged to 353 metric tons in June, up 660% from May, data from the General Administration of Customs showed on Sunday.
That came after pacts reached in June to resolve issues around shipments of rare earth minerals and magnets to the United States. Chipmaker Nvidia plans to resume sales of its H20 AI chips to China as part of the agreement.