China has quietly issued its first 2025 rare earth mining and smelting quotas without the typical public statement, sources with knowledge of the matter said this week, another sign of Beijing tightening its control over the crucial sector.

China’s exports of rare-earth products jumped in June, pointing to a potential pickup in magnet supplies after government-imposed curbs that proved to be Beijing’s most powerful weapon in its trade war with the Trump administration.

China is using its near-monopoly on critical minerals to win trade concessions. Can the U.S. find alternate supplies?