MP Materials, USA Rare Earth rise after Trump orders tariff probe on critical minerals imports

Shares of MP Materials MP.N and USA Rare Earth USAR.O rise premarket after U.S. President Donald Trump ordered a probe that could result in new tariffs on critical minerals imports

MP's shares up 6.5% to $26.70, and USAR's stock up 5% to $14.20 before the bell

Trump signed an executive order late Tues launching an investigation into national security risks of reliance on imported critical minerals, an attempt to pressure industry leader China

The review will assess U.S. vulnerabilities for processing of all critical minerals - including cobalt, nickel and the 17 rare earths, as well as uranium - how foreign actors could be distorting markets, and what steps could be taken to boost domestic supply and recycling, according to the order

MP's shares on Mon popped 22% to a two-yr high following Financial Times report that Trump is planning to stockpile critical deep-sea metals to counter China's dominance in battery minerals and rare earth supply chains

Through Tues close, shares of Las Vegas, Nevada-based MP Materials up ~61% YTD. Co went public in 2020 after SPAC merger

Stillwater, Oklahoma-based USA Rare Earth debuted last month after completing its SPAC deal with Inflection Point Acquisition Corp II