U.S.-China Rare Earths Deal Nears Completion

A potential agreement on rare earths between the U.S. and China is expected by Thanksgiving. The framework involves the U.S. lifting tariffs and China easing export restrictions. Treasury Secretary Scott Bessent is optimistic following talks between Presidents Trump and Xi despite contrasting reports about China's intentions.

A rare earths agreement between the U.S. and China is on the horizon, with completion anticipated by Thanksgiving, according to Treasury Secretary Scott Bessent. His comments, aired on Sunday, align with a recent declaration that aims to prevent a 100% tariff by the U.S. on Chinese imports and ease China's export licensing for critical rare earths minerals and magnets.

The framework seeks to stabilize international trade relations, with Bessent expressing confidence in China's commitment post-discussions between President Trump and President Xi Jinping during a meeting in Korea.

Bessent also countered a Wall Street Journal claim that China intends to limit rare earths access for U.S. companies linked to military ventures, underscoring the importance of the emerging deal in maintaining economic cooperation.

(With inputs from agencies.)