Why MP Materials Stock Plummeted Today
MP Materials stock will benefit from low Chinese tariffs on rare earth oxide exports.
Shares of MP Materials (NYSE: MP), America's biggest miner of rare earth metals, tumbled 8.3% through 10:10 a.m. ET Wednesday after President Donald Trump posted on Truth Social about a new trade deal reached with the Chinese delegation in London last night:
"OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. ... WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%."
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