Why a breakthrough on rare earths is easing U.S.-China trade tensions

U.S. stock futures were powering higher on Friday as China confirmed details of a trade deal that will allow rare earth exports to the U.S., in a move that’s easing tensions between the two countries.

The exports of critical minerals, or rare earths, have been a longstanding irritant in the U.S.-China relationship. Last month, U.S. Trade Representative Jamieson Greer said that Beijing had

“restricted the flow of rare-earth magnets to us and other countries in the world.” The materials are used in a variety of products, including automobiles and cellphones.