Australia has swiftly turned down China's offer to "join hands" against Donald Trump's tariffs, as Washington escalates its trade war with Beijing. The White House recently imposed an import tax of 10% on Australian goods, but for China - Australia's biggest trading partner - raised tariffs to 125%.

MP Materials, operator of the Mountain Pass mine in California’s Mojave Desert, is ramping up supplies of the critical ingredients and magnets as China tightens exports.