USA Rare Earth is racing to create a production line for neodymium magnets, aiming to reduce U.S. reliance on China’s rare earth materials.

China's overseas shipments of rare earth magnets halved in May from April, tumbling to their lowest levels in more than five years due to export curbs.

Curbs on magnets used in electric vehicles and jet fighters are at the core of recent U.S.-China trade tensions.