Markets cheered in early May when the US and China agreed in Geneva to lower tariffs and other barriers. But after a few weeks, the shine started to come off that deal, with China accusing the US of violating it with new restrictions and the US saying China failed to honor promises on rare earths.

A group representing auto suppliers in the United States called on Wednesday for immediate action to address China's restricted exports of rare earths and other minerals, warning the issue could quickly disrupt auto parts production.