China largely dominates the mining and processing of rare earths, essential for sophisticated electronic components in various industries, such as automotive, electronics and defense.
“We haven’t finalized the deal yet, which we hope to have ready by Thanksgiving,” Bessent said on Fox News’ “Sunday Morning Futures.”
“And I am confident that, following our meeting in Korea between the two leaders, President Trump and President Xi, China will fulfill its commitments.”
If Beijing refuses to implement the agreement, the United States has “many tools” to retaliate, he warned.
The Treasury secretary insisted that, as agreed by Trump and Xi, rare earths “will circulate freely, as before April 4,” the date when China imposed restrictions requiring export licenses for certain products in response to Trump’s widespread tariffs.
Under the bilateral agreement, the United States will reduce tariffs on Chinese products, and Beijing will buy at least 12 million metric tons of American soybeans by the end of this year and 25 million metric tons in 2026.
China, which had stopped buying American soybeans in response to Trump’s tariffs, “turned our excellent soybean producers into pawns,” Bessent declared. “But we believe we have remedied that situation.”
