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U.S. Produces First Rare-Earth Magnet in 25 Years

11/17/2025

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Summary

Story summary

Scott Bessent, the U.S. treasury secretary, announced the United States produced its first rare-earth magnet in 25 years.
The United States imported 80% of its rare earths in 2024, with China dominating refinement.
President Donald Trump’s administration aims to reclaim the supply chain through tariffs and international deals.
The Pentagon has invested in domestic production, including a new plant for crucial magnets.

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Story summary

Scott Bessent, the U.S. treasury secretary, announced the United States produced its first rare-earth magnet in 25 years.
The United States imported 80% of its rare earths in 2024, with China dominating refinement.
President Donald Trump’s administration aims to reclaim the supply chain through tariffs and international deals.
The Pentagon has invested in domestic production, including a new plant for crucial magnets.