Trump is set to meet Chinese President Xi Jinping at the sidelines of the APEC summit in South Korea later this month to discuss trade. It comes as Trump has threatened to put an additional 100% tariffs on China from Nov. 1 in a tit-for tat- after Beijing moved to tighten exports of rare earths. That’s a supply chain it currently dominates.

“I have a great relationship with President Xi, I expect to be able to make a good deal with him,” Trump told reporters at a press conference at the White House Tuesday, however adding that “maybe it won’t happen.”

“Things can happen where for instance, maybe someone will say ‘I don’t want to meet, it’s too nasty.’ But it’s really not nasty, it’s just business.”

Shares of rare earth and critical minerals producers have surged over the past week amid increasing U.S.-China tensions as well as speculation over how the U.S. government’s industrial policy might benefit companies as it tries to reduce its reliance on China.

On Monday, Trump and Australian Prime Minister Anthony Albanese signed a critical-minerals agreement designed to unlock more capital for the sector, including an $8.5 billion project pipeline.

The U.S. Defense Department has also said it’s investing directly in MP Materials, the largest producer of rare earths in the Western Hemisphere, to secure future supply of the minerals which are broadly used in a range of high-tech products.

MP Materials boasts a 375% gain so far this year, but shares have fallen 25% over the past five sessions. The stock fell another 1.6% in premarket trading Wednesday.

USA Rare Earth and Ramaco Resources have also benefited from recent developments. Shares of both were down between 2% and 3% in the premarket following large year to date gains.

The most direct way for investors to get exposure to rare earths is through equities, analysts at Goldman Sachs said late Tuesday. “Examples of such exposure include equities of ex-China rare earth miners and refiners, or thematic equity baskets,” the analysts, led by Daan Struyven, wrote.

Write to Elsa Ohlen at [email protected]