Shares of Australia's Lynas Rare Earths climbed to a near three-week high on Wednesday, a day after China banned exports of some critical mineral to the United States.

China announced Tuesday that it was banning the export of certain rare minerals to the U.S. that have military and technological applications. Why it matters: The move is seemingly a tit-for-tat response to the Biden administration's announcement Monday of a slate of export controls on chip manufacturing equipment and software as well as other curbs on the Chinese chip industry.

China announced Tuesday it is banning exports to the United States of gallium, germanium, antimony and other key high-tech materials with potential military applications, as a general principle, lashing back at U.