Rare Earth stocks rose in overnight trading. Critical Metals up over 6%; USA Rare Earth, UAMY, The Metals up 4%; NioCorp, American Resources up over 3%.

U.S. President Donald Trump said he has reached a 1-year agreement with China on rare earths and critical minerals, and cut fentanyl tariffs on Beijing by half, as his meeting with Chinese President Xi Jinping concluded in South Korea on Thursday.

Trump told reporters aboard Air Force One as he left South Korea that the meeting with Xi was “amazing” and that “a lot of decisions were made.”

“Rare earth issue has been settled,” the president said, adding that it is a 1-year agreement that will be negotiated every year. Tariffs on Chinese exports will also be lowered to 47% from 57%, the president said.

Trump said he will be going to China in April, followed by a trip by Xi to the U.S. without specifying a timeline.

That was the first time that the two leaders met in six years and the meeting lasted one hour and 40 minutes.