It's happening but slowly.

Lynas Rare Earths who are the largest miner and processor outside of China are in the initial stages of building a plant in Texas (which includes funding from the DoD). They currently have plants in Kalgoorlie and Malaysia, but not end-to-end making magnets.

Iluka have also secured the additional funding required for a processing plant in Australia and have deals with other miners for feed stock once they get going.

Disclaimer: I own shares in the above two and others and all currently at a loss on my initial investments.