China blacklists MP Materials and USA Rare Earth
Beijing adds 10 US firms to its export-control list, tightening a licensing regime that already throttled magnet supply chains
Summary
On 22 June 2026, China's Ministry of Commerce added 10 US companies — including US-backed producers MP Materials and USA Rare Earth and eight military-linked entities — to its export-control list, retaliating for fresh US restrictions on Chinese firms. The listing limits what the named firms can receive from China rather than directly cutting their sales, making it largely symbolic for now. It extends a 2025 regime that imposed licensing on seven rare earths and magnets, cutting Chinese magnet exports by roughly three-quarters and forcing some carmakers to idle lines. The US Defense Department has finalised a $400m MP Materials price-floor partnership.
Why it matters
China mines over 60% and refines over 80% of rare earths and makes ~90% of high-performance magnets, giving it chokepoint leverage over autos, defence, chips and renewables — the same bifurcation playing out in Washington cleared the H200 for China; Beijing won't let anyone buy it.