EU Trade Commissioner Maros Sefcovic will speak with China's Commerce Minister Wang Wentao today, with talks focusing on rare earths. This comes a day after the bloc held an emergency meeting with industry leaders over China's recent expansion of export curbs.

Global automakers are scouring the globe for crucial rare earths ahead of looming Chinese export controls, with executives worried they could lead to parts shortages and plant closures.

China leads the world when it comes to the production and processing of rare earths. That may be a key weapon in its trade battle with the U.S. — and its move to expand export restrictions on those elements shows that China knows it.

Cleveland-Cliffs shares rocketed higher Monday afternoon after the steelmaker showed interested in mining rare earths, saying that two of its sites show promise.