China's rare-earth exports to the US remain critically low: China's monthly exports of rare-earth magnets to the US averaged 479 tons in H1 2026, on track for the lowest annual monthly average since 2021. By comparison, exports averaged 586 tons between 2022 and 2024, ~22% higher than the current rate. These components are critical to industries spanning electric vehicles, industrial automation, and defense, making secure access to them a key priority for US manufacturers. This comes despite October's truce between President Trump and President Xi, in which China pledged to keep rare-earth magnets flowing as a key part of pausing the trade war. China remains the dominant force in the industry, controlling over 90% of global rare-earth magnet production. Key shipments of rare-earth magnets from China are constrained.