The 25% tariff will immediately allow a price differential between those that do/don't have to pay it.
But that's peanuts compared to the US$20-30 per kg of magnets (or $60-90 per kg of contained NdPr) that's getting bipartisan support:
https://www.fastmarkets.com/insights/us-senate-proposes-tax-credit-for-rare-earth-magnets/
Along with a bunch of initiatives both here and the US:
https://www.defense.gov/News/News-Stories/Article/Article/3700059/dod-looks-to-establish-mine-to-magnet-supply-chain-for-rare-earth-materials/
It's also worth noting AL's comments that at current pricing only NRE and Lynas are profitable.
The 25% tariff will immediately allow a price differential...
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