China rare earths deal will 'hopefully' be done by Thanksgiving, Bessent says

WASHINGTON: A rare earths deal between the U.S. and China will "hopefully" be done by Thanksgiving, Treasury Secretary Scott Bessent said in remarks that aired on Sunday.

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Washington agreed not to impose 100% tariffs on Chinese imports, while China paused rare earth export licensing.
Bessent expressed confidence that Trump and Xi will uphold the agreement after their Korea meeting.
He dismissed reports of China planning rare earth restrictions for US firms tied to the military.

Bessent's comments follow a framework agreement announced last month in which Washington agreed not to impose 100% tariffs on Chinese imports and China would hold off on an export licensing regime for crucial rare earths minerals and magnets.

"I am confident that post our meeting in Korea between the two leaders, President Donald Trump, President Xi (Jinping), that China will honor their agreements," Bessent told Fox News's "Sunday Morning Futures" program.

Bessent also disputed a recent Wall Street Journal report that said Chinese officials planned to restrict access to rare earths for U.S. companies with ties to the military.