Jakarta, hitclubapk3 Indonesia
—
United States Secretary of the Treasury (
US
) Scott Bessent said on Sunday (16/11) that his country hopes to complete a deal with
China
to secure supplies of rare earths before the Thanksgiving holiday in late November.
Under the interim deal, reached in late October at a meeting between President Donald Trump and Chinese President Xi Jinping in South Korea, Beijing agreed to suspend certain export restrictions on critical minerals for one year.
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China is dominant in the mining and processing of rare earths, which are critical for advanced electronic components in a variety of industries including automotive, electronics and defense.
“We haven’t even finalized the agreement, which we hope to get done before Thanksgiving,” which falls on Nov. 27, Bessent said on the “Sunday Morning Futures” program on
Fox News
.
“And I’m confident that, after our meeting in Korea between the two leaders, President Trump, President Xi, China will honor their agreements,” he said again.
But Bessent warned that if China refuses, the US has “many ways” to retaliate.
Bessent emphasized that under the deal, rare earths “will flow as freely as before April 4,” when China imposed restrictions on the sector, requiring export licenses for certain products in response to Trump’s massive tariffs.
Under the deal reached by Trump and Xi, the US 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 by 2026.
China, which has stopped buying US soybeans in response to Trump’s tariffs, is “making a fool of our great soybean farmers,” Bessent said.
“But we are confident that we have fixed that,” he added.
(fea)
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