If it were a ban on the rare earth minerals themselves, yes, but a ban on the extraction technologies just secures dependence on Chinese sources.
The reason China is a major exporter of these minerals has less to do with their availability in China and more to do with their lax environmental regulations, which allow extraction via means that are prohibited in many other countries.
So preventing their extraction in countries where stricter environmental standards are in place just means more environmental damage.
It works for now, but the reason most wires have a rubber-like insulator around them is that it takes very little to Crack or abrade a thin coating such as this and turn it into a fire hazard.
I’m surprised a product with such a small safety margin is allowed for sale.