Shares of U.S. rare earth and critical mineral miners surged Thursday after China tightened restrictions on exports, fueling market speculation that the Trump administration will move more aggressively to invest in building out a domestic supply chain.

USA Rare Earth soared 15%, NioCorp Developments surged about 12%, Ramaco Resources rallied more than 11%, Energy Fuels advanced over 9%, and MP Materials gained more than 2%. Albemarle popped about 5%, Trilogy Metals rose nearly 4%, and Lithium Americas advanced about 2%.

Beijing is now requiring foreign entities to obtain a license to export products that contain rare earths worth 0.1% or more of the goods’ value, according to China’s Ministry of Commerce. Companies will also need export…