Trump Trade: China to suspend some controls on rare earths

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

RARE EARTHS: President Donald Trump reached a trade and economic deal with President Xi Jinping of China. Chinese actions: China will suspend the global implementation of the expansive new export controls on rare earths and related measures that it announced on October 9, 2025. China will issue general licenses valid for exports of rare earths, gallium, germanium, antimony, and graphite for the benefit of U.S. end users and their suppliers around the world. China will take significant measures to end the flow of fentanyl to the United States. China will suspend all of the retaliatory tariffs that it has announced since March 4, 2025. China will suspend or remove all of the retaliatory non-tariff countermeasures taken against the United States since March 4, 2025. American actions: The United States will lower the tariffs on Chinese imports imposed to curb fentanyl flows by removing 10 percentage points of the cumulative rate, effective November 10, 2025, and will maintain its suspension of heightened reciprocal tariffs on Chinese imports until November 10, 2026. The United States will further extend the expiration of certain Section 301 tariff exclusions, currently due to expire on November 29, 2025, until November 10, 2026. 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).

SNAP BENEFITS: A federal judge in Boston has determined that the Trump administration’s potential suspension of food aid, including SNAP benefits, is likely unlawful and said the administration must use contingency funds for such aid, Bloomberg reports. The suspension will be blocked by two judges, according to Bloomberg. Publicly traded companies in the grocery space include Walmart (WMT), Target (TGT), Costco (COST), Kroger (KR), Albertsons (ACI), Whole Foods (AMZN), Grocery Outlet (GO), and Sprouts Farmers Market (SFM).

BLACKWELL CHIP: U.S. President Donald Trump said Nvidia’s (NVDA) Blackwell chip for AI would not be available for “other people,” Alexandra Alper of Reuters reports. Many have wondered if Trump would allow shipments of a version of Blackwell to China after he suggested he might allow a scaled-down version in China, but recent remarks suggest his administration is not inclined to grant broad overseas access to the chip. “The new Blackwell that just came out, it’s 10 years ahead of every other chip,” Trump told reporters. “But no, we don’t give that chip to other people,” he added, according to Reuters.

JAPAN, U.S. DEAL: Japanese Prime Minister Sanae Takaichi has no intention to renegotiate the $550B investment deal entered with the U.S., Ju-min Park of Reuters reports. “I believe that even if the prime minister changes, promises made between governments should not be altered,” Takaichi told reporters.

PARTNERSHIP: American Resources’ ReElement Technologies (AREC) announced a joint partnership of $1.4B with the U.S Department of War’s Office of Strategic Capital. The funding supports the expansion of ReElement’s partnership with Vulcan Elements to scale a 100% vertically integrated, domestic rare earth magnet supply chain. The OSC commitment includes two separate loans, matched by private capital: $620M to Vulcan Elements and $80M to ReElement Technologies. These loans will directly support the production of advanced rare earth element separation, metallization, and magnet manufacturing capabilities in the United States. With the increased manufacturing and processing capabilities enabled by OSC’s loans, Vulcan Elements and ReElement will collectively scale to 10,000 metric tonnes of NdFeB magnet production capability, thereby significantly reducing the U.S. NdFeB magnet supply chain gap. In conjunction with the loan commitment, the U.S. Department of War will receive warrants in ReElement Technologies Corporation. The funding for OSC’s loans comes from the One Big Beautiful Bill Act, passed by Congress and signed by President Trump in July 2025. The Act provides up to $100 billion in total OSC lending authority specifically for critical minerals production and related industries and projects.

TRUMP ON SETH MEYERS: President Donald Trump, in a post on Truth Social on Saturday, said Seth Meyers of NBC (CMCSA, CMCSK) “may be the least talented person to “perform” live in the history of television. In fact, he may be the WORST to perform, live or otherwise. I watched his show the other night for the first time in years. In it he talked endlessly about electric catapults on aircraft carriers which I complain about as not being as good as much less expensive steam catapults. On and on he went, a truly deranged lunatic. Why does NBC waste its time and money on a guy like this??? – NO TALENT, NO RATINGS, 100% ANTI TRUMP, WHICH IS PROBABLY ILLEGAL!!!”