July 7 (Reuters) - China's export restrictions on rare earths brought parts of the global auto supply chain to a halt and U.S. President Donald Trump to the negotiating table. But at home, they're a big headache for companies already struggling with a slow economy.

The deal would see the Defense Department take a 15% stake in MP Materials and spend billions of dollars investing in the company and purchasing its output.

China urged the European Parliament to stop politicizing trade and economic issues and applying double standards on export controls, its mission to the European Union said on Friday. The remarks were in response to a motion approved by EU lawmakers on Thursday condemning Beijing over its export restrictions on rare earths.