U.S.–China Rare-Earths Deal Targeted for Thanksgiving, Bessent Says

Overview

• The Treasury secretary said negotiators are aiming to finalize the pact by Nov. 27, though it has not yet been signed.
• Under the preliminary understanding, China would suspend added export-licensing requirements on rare-earths and industrial magnets for about one year.
• In return, Washington would refrain from imposing 100% tariffs that had been contemplated on Chinese imports.
• Bessent rejected a Wall Street Journal report of planned Chinese curbs on U.S. defense-linked firms and noted reports that gallium, antimony and germanium are excluded from restrictions.
• He said China has resumed buying U.S. soybeans with commitments totaling 87 million tonnes through 2028 and warned that all options remain on the table if commitments are not honored.