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Shares of U.S.-listed rare earth miners rallied on Thursday after China agreed to delay the introduction of further export controls as part of an agreement reached between President Donald Trump and Chinese leader Xi Jinping.

Critical Metals jumped 7% in premarket, USA Rare Earth rose around 5% and Energy Fuels was up 3%. MP Materials and NioCorp Developments, meanwhile, were both seen around 2% higher.

The moves come shortly after Trump declared that the “rare earth issue has been settled” following what he described as an “amazing meeting” with China’s Xi in South Korea.

As part of a broader agreement between the world’s two largest economies, which included Washington cutting fentanyl-linked tariffs, China said recently announced rare earth export controls would be delayed by one year.

Trump told reporters aboard Air Force One as he left South Korea that his administration expects China’s decision to delay these rare earth export restrictions to be “routinely extended.”

China’s previous rare earth restrictions, which were announced in early April, are set to remain in place, however.

Beijing on Oct. 9 had threatened to tighten export controls on rare earths and related technologies, seeking to prevent what it described as the “misuse” of rare earth minerals in the military and other sensitive sectors.

Rare earths refer to 17 elements on the periodic table whose atomic structure gives them special magnetic properties. These elements are widely used in the automotive, robotics and defense sectors.

China is the undisputed leader of the critical minerals supply chain, producing roughly 70% of the world’s supply of rare earths and processing almost 90%, which means it is importing these materials from other countries and processing them.

U.S. officials have previously warned that this dominance poses a strategic challenge amid the pivot to more sustainable energy sources.