China’s rare-earth magnet exports to US drop 21% ahead of Trump-Xi summit

China shipped 512 tonnes of rare-earth magnets to the US in August, a 21% decline from the prior month and 13% less than the same period a year ago. The timing is difficult to read as coincidental: the drop lands just days before President Donald Trump and Chinese President Xi Jinping are set to meet at the White House on September 24. Over the first half of 2026, average monthly shipments to the US clocked in at 479 tonnes. That’s roughly 20% below the pre-2025 average of 586 tonnes per month, a baseline drawn from years when trade tensions, while present, hadn’t escalated to their current pitch. The October 2025 summit between Trump and Xi produced a trade truce that included Chinese pledges to restore critical-mineral flows to pre-dispute levels. As part of the deal, Beijing agreed to suspend certain export controls, a suspension that expires on November 10, 2026. Nearly a year later, the numbers suggest those pledges haven’t translated into action. US officials have described China’s compliance with supply commitments as “not up to par.” The issue has been elevated to the September 24 summit agenda alongside tariffs and AI technology discussions. Rare-earth magnets are critical...