MP Materials Corp. (NYSE:MP) saw its stock surge 5.01% in Wednesday's trading session, driven by optimism surrounding the company's prospects in the rare earth minerals industry.

The rally came as President Trump imposed tariffs on imports of critical minerals, including rare earth elements, from major U.S. trading partners. This move is expected to benefit domestic producers like MP Materials, one of the largest non-Chinese rare earth miners and processors globally.

With businesses now incentivized to source rare earth materials from American companies, MP Materials is well-positioned to capitalize on the rising demand. These materials are essential for various high-tech applications, such as magnets used in electric vehicles, cell phones, and other electronics.