U.S. President Donald Trump said he agreed with China’s President Xi Jinping to cut tariffs on the country in exchange for Beijing cracking down on fentanyl trade, Trevor Hunnicutt of Reuters reports. Specifically, Trump said the tariffs on Chinese imports would be cut to 47% from 57%. Additionally, China agreed to pause for one year the recently unveiled export controls on rare earths. The Fly notes that companies involved in the development and mining of rare earth minerals include Nova Minerals (NVA), Ioneer (IONR), Lynas Rare Earths (LYSCF), MP Materials (MP), Energy Fuels (UUUU), NioCorp (NB) and VanEck Vectors Rare Earth/Strategic Metals ETF (REMX).
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