USA Rare Earth, the magnet manufacturing startup that went public last month via a SPAC deal, is surging a day after news broke that China was cutting off exports of key rare earth elements and magnets made from them.

BEIJING/LONDON, April 4 (Reuters) - China placed export restrictions on rare earth elements on Friday as part of its sweeping response to U.S. President Donald Trump's tariffs, squeezing supply to the West of minerals used to make weapons, electronics and a range of consumer goods.
The move, which Beijing had long hinted was possible, further ratchets up trade tensions between the world's two largest economies and leaves American manufacturers scrambling for fresh supplies of the critical minerals they have relied upon for decades.