Shares of MP Materials (NYSE: MP), a miner of rare earth elements, jumped 10.5% today at noon on the New York Stock Exchange after media reports surfaced regarding potential U.S. tariffs on imported rare earth magnets from China. Simultaneously, the shares of Nikola Corporation (NASDAQ: NKLA), a company that wants to build long-haul trucks powered by batteries and fuel cells, and Canoo (NASDAQ: GOEV), an electric-vehicle (EV) start-up, also jumped up 4.5% and 28.6%, respectively. As the Financial Times reports this morning, "[T]he Biden administration is considering an investigation into whether imports of rare earth magnets made largely in China pose a national security threat that could warrant the imposition of tariffs."
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