China exported 512 metric tons of rare-earth magnets to the United States in August, down 21% from July, as President Donald Trump prepares to meet Chinese President Xi Jinping on Sept. 24. The shipment decline underscores US exposure to China’s dominance of critical-mineral supply chains, with China controlling roughly 70% of global rare-earth mining, 85% of refining and 90% of finished alloys and magnets, according to AlixPartners. A one-year suspension of Chinese rare-earth export controls is reported to expire around November 2026, roughly two months after the summit, although the source records also reference an October 2025 trade truce scheduled to expire on Nov. 10. Washington is investing in domestic mining and processing and seeking suppliers in Australia, Canada and parts of Africa, but meaningful independence is not expected until well into the next decade. The summit is expected to cover trade, tariffs, critical-mineral access, artificial intelligence, Taiwan, Iran and fentanyl precursor chemicals, with China also valuing access to US technology markets and agricultural exports.