Rare earth stocks extended recent gains as fresh tensions between Beijing and Washington over China’s exports of the critical minerals fueled bets on alternative suppliers.

Critical Metals up 33%; USA Rare Earth up 30%; Energy Fuels, MP Materials up over 21%; The Metals up 20%; NioCorp up 17%

China and the US were locked in a spat after US President Donald Trump threatened massive tariffs on Chinese goods in response to Beijing’s plans to fortify its export controls. Separately, an Australian newspaper reported potential plans for a broad rare earths deal between Australia and the US.

While Trump sought to cool the latest stand-off with his Chinese counterpart Xi Jinping, the episode may feed into a push by western policymakers to reduce reliance on China. Australia is considering a A$1.2 billion ($782 million) strategic minerals reserve among other measures as part of an agreement with the US, The Age reported on Sunday, citing a leaked departmental briefing paper.

Rare earths miners have spiked since April, when China threatened widespread industrial disruptions by slapping export controls on seven rare earths and products that contain them. On Thursday, Beijing said it would expand the measures to more rare earths and other commodities, while outlining plans for controls to apply to products sold anywhere in the world that contain even tiny amounts.

MP Materials Corp., which got backing from the US Department of Defense earlier this year, on Friday jumped more than 8% in New York to its highest close ever.