The magnets are still China’s.

WASHINGTON — China’s grip on rare earths sits over Thursday’s meeting, whatever the bands play outside. Reuters, citing Benchmark Mineral Intelligence, reported that U.S. output of the two most-used rare earths has more than tripled since President Trump returned to office, and that the country can still meet only 42 percent of demand. Within five years, Benchmark said, imports will still cover nearly a quarter.

Beijing agreed last year to delay tighter export rules until November 10. An extension of that delay is on the agenda with Xi. The White House had set January 2027 as its own deadline to stop importing Chinese rare earths. Reuters said that date is all but impossible. The metals go into weapons, cars, computers, and magnets. Keith Bradsher of The Times, writing from Beijing, said manufacturers in the United States, Europe, Japan, and India have spent months unable to get enough.

A January 2027 ban on Chinese rare earths is a goal the White House cannot meet.

The Economy desk files the ore, not the flyover. The truce on tariffs is in the lead. The minerals are the part that does not fit on a lawn.