Rare earth magnets, which are essential to car manufacturing as well as the defense and home appliance sectors, have started to run short in factories worldwide following China's export restrictions.

China's critical-mineral export controls have become a focus on Trump's criticism of Beijing, which he says has violated the truce reached last month to roll back tariffs and trade restrictions.

Global automakers and governments are raising concerns as China's restrictions on rare earth magnet exports disrupt supply chains. These restrictions, citing national security, impact critical industries like electric vehicles and defense.