In October 2025, Beijing imposed sweeping controls on its rare earth exports. Since then, those controls have been suspended one short reprieve at a time, in the latest instance until Nov. 10, with a broader trade truce through Jan. 10, 2027. The reprieves have repeatedly come only after American concessions, demonstrating China’s leverage in the export fight.Yet China has constricted sales even during the truce, as buyers have few options but to take what they can get. In June, with the suspens...