彭博：尽管特朗普达成协议，美国稀土买家仍面临中国出口限制。

Investment Rating - The report indicates a cautious investment outlook for the rare earth industry, particularly concerning U.S.-China trade relations and supply chain stability [11]. Core Insights - Despite an agreement to lift restrictions on rare earth elements, China continues to limit the supply of essential materials needed for U.S. production of permanent magnets and other products [11] - The U.S. industrial sector remains unable to independently source the raw materials required for these products, while China has increased the supply of finished products like permanent magnets [11] - China's restrictions on raw materials hinder the U.S. efforts to establish its own rare earth processing industry, which is crucial for producing magnets used in various applications, including consumer goods and military systems [11] Summary by Sections - Trade Relations: The U.S. and China have reached a trade truce, but ongoing tensions persist, particularly regarding the supply of rare earth materials [3][4] - Supply Chain Issues: U.S. companies face significant challenges in obtaining raw materials from China, which affects their production capabilities [7][8] - Market Dynamics: There is a notable discrepancy between the increase in China's exports of finished products and the stagnation of U.S. exports, indicating a potential imbalance in the supply chain [6][8]