This is a legitimate use-case for targeted tariffs and / or subsidies.

(And, you know, environmental regulations, so mining and refining sites don't turn into what's described in a sibling comment.)

The Biden admin worked on this as part of the IRA and CHIPS, and a lot of bilateral treaties with Japan, Australia, South Korea, UAE, and India but now it's up in the air.

The Chinese government even attempted to lead a spamoflauge campaign against North American REE projects initiated by the Biden admin [0]

[0] - https://cloud.google.com/blog/topics/threat-intelligence/dra...