Environmental Approval for Boland Infield Studies & Update on Scaled Column

In May 2024, the Biden administration imposed a 25 percent tariff on Chinese rare earth magnets starting in 2026, marking the first time these components had been targeted under Section 301. The move hit sintered neodymium-iron-boron (NdFeB) magnets, vital for EVs and wind turbines, highlighting their strategic role in clean energy and defense.

Soon after, China’s State Council announced new rules effective October 1, 2024, tightening control over rare earth production and banning the export of extraction and magnet-making technology.

Since taking office in January of this year, US President Donald Trump has escalated the trade conflict, imposing cumulative tariffs of 54 percent on Chinese goods. Beijing responded by heightening export controls on seven strategic rare earth metals associated with global defense, renewable energy and the technology sectors.

China’s dominance remains a defining feature of the market: the country accounts for nearly 70 percent of mine output and more than 80 percent of refining capacity. That concentration has created persistent vulnerabilities, especially for medium and heavy rare earths like dysprosium and terbium, which are already in tight supply.

Analysts note that tariffs and export restrictions are setting the stage for a two-tiered market, where ex-China buyers face premiums while domestic Chinese buyers remain insulated.

Despite the volatility, demand fundamentals continue to trend upward. Permanent magnets are driving growth across EVs, clean energy and defense, and efforts to diversify supply are accelerating. In the US, Washington has increased Department of Defense (DoD) funding and streamlined permitting to support domestic production, while in Europe, a law enacted in May 2024 aims to reduce Chinese reliance by boosting output of critical minerals by 2030.

These recent escalations could be a boon to rare earth minerals and rare earth magnet stocks operating outside of China. Investors are watching closely to see which rare earth companies are best positioned to capture the opportunity.

To help paint a better picture of the REE landscape, the Investing News Network has compiled a list of the biggest rare earths stocks by market cap on US, Canadian and Australian stock exchanges. Data was collected on August 21, 2025, using TradingView’s stock screener.