U.S.-China Rare-Earth Deal Expected to Close Before Thanksgiving

The United States and China are aiming to finalise a rare-earths agreement before Thanksgiving, U.S. Treasury Secretary Scott Bessent said on Sunday. He spoke on Fox News’ Sunday Morning Futures a month after both sides reached a framework intended to ease trade tensions.

Under the earlier agreement, Washington agreed not to impose full 100% tariffs on Chinese imports, while Beijing said it would pause a new export-licensing system covering rare-earth minerals and magnets. Bessent said he expects China to keep its commitments, citing recent talks between President Donald Trump and President Xi Jinping in Korea.

Bessent also pushed back on a Wall Street Journal report claiming Chinese officials planned to limit rare-earth supply to U.S. companies tied to the defence sector. He said the report did not represent China’s position.

• U.S. and China aim to finalise a rare-earths agreement before Thanksgiving
• Washington and Beijing move closer to easing trade tensions over critical minerals
• Deal expected to stabilise supply chains vital for electronics, defence and clean energy

Rare-earth elements are central to electronics, defence equipment and clean-energy technologies. China controls most of the global supply, making any policy shift closely watched by governments and manufacturers.

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Finalising the agreement by Thanksgiving would signal progress in U.S.–China economic relations and reduce uncertainty for manufacturers dependent on stable access to critical minerals.