China “made a real mistake” by threatening to shut off exports of its rare earths, U.S. Treasury Secretary Scott Bessent told the Financial Times in an interview published on Friday. U.S. and Chinese leaders had reached an “equilibrium” but warned that China would not be able to keep using its critical minerals as a coercive tool,

Rare earths buyers around the world will have to accept premium prices to get secure and stable supplies from outside China, according to the head of Australia’s Lynas Rare Earths Ltd., one of the few major producers of the key metals outside the Asian nation.

Lynas Rare Earths will build a new heavy rare-earth separation facility in Malaysia to meet demand from buyers looking to source the critical minerals from outside of China.

Get live updates and the latest news as Trump concludes Asia trip after meeting Xi Jinping in South Korea and the government shutdown continues.

US president Donald Trump heaped praise on Japan's first female leader Sanae Takaichi and said the Asian nation will become a U.S. “ally at the strongest level” as he signed deals on rare earths and trade.