Trump, Xi Meet in Beijing on Rare Earths and Crypto Mining

President Donald Trump and Chinese President Xi Jinping met in Beijing on Thursday to discuss stability and negotiate export and tariff terms for rare earth minerals that feed semiconductor and crypto mining hardware supply chains.

China supplies about 85% of global refined rare earth output. Those refined materials are used in magnets and components inside GPUs and ASIC miners, which are used for AI training and Bitcoin mining. Past export restrictions from Beijing have pushed hardware prices higher by as much as 25 percent during disputes.

The leaders opened a six-month negotiation window tied to the Busan truce tariff framework, which expires on November 10. U.S. Trade Representative Greer has emphasized that the U.S. focus is on tariff continuity and secure supplies for semiconductors and mining equipment. A U.S. official described the desired outcome as a ‘low but durable floor’ to provide predictable terms.

Energy and maritime security were also on the agenda. China imports roughly 1.2 million barrels per day of Iranian crude. The Strait of Hormuz handles about 20 percent of global oil flows. Disruptions there can affect industrial electricity prices, which are a significant expense for large mining facilities that require power for cooling and operation.

Analysts view any measure that restricts or weaponizes rare earth exports as a negative signal for mining-equipment suppliers and publicly traded miners. Predictable export licensing and tariff terms allow miners to plan capital spending and project timelines; unpredictable controls or tariff changes can prompt firms to delay orders or seek costlier alternatives.

Companies building rare earth processing capacity in Australia, Canada and the United States may see increased demand as buyers seek sources outside China’s refining network. U.S. policymakers have promoted allied and domestic supply chains for rare earths to reduce reliance on a single supplier.

Stakeholders will be watching for concrete commitments on export licenses, language on tariff continuity in any successor agreement to the Busan truce, and statements on cooperation with Iran and maritime security. The November 10 expiration date is the next formal milestone that could affect equipment pricing and miners’ capital plans.