US Aims to Finalize Rare Earths Deal With China by Thanksgiving, Says Treasury Secretary Scott Bessent

US Treasury Secretary Scott Bessent announced on Sunday that washington is determined to conclude a rare earths supply agreement with china by the end of November, aligning the target date with the Thanksgiving holiday.

The proposed deal stems from a provisional understanding reached in late October during a high-level summit in south korea between President Donald Trump and Chinese President xi jinping. As part of the preliminary arrangement, beijing agreed to suspend select export restrictions on critical minerals for one year.

China currently dominates the global rare earths industry, controlling much of the mining and processing essential for advanced electronics, automotive technologies, defense systems, and other high-tech sectors.

Speaking on Fox News’ “Sunday Morning Futures,” Bessent said, “We haven’t even finished the agreement, which we hope to have done by Thanksgiving, November 27. And I am confident that — after the meeting in Korea between President Trump and President Xi — China will honor their agreements.”

However, he also issued a clear warning that the United States has “many levers” it can use if Beijing backtracks on its commitments.

Bessent emphasized that the agreement is designed to restore rare earth exports to their status prior to April 4, when China imposed new licensing requirements on certain mineral products in response to Trump’s sweeping tariff measures.

The broader framework of the Trump–Xi understanding includes major agricultural commitments. Under the terms, China is expected to purchase at least 12 million metric tons of American soybeans by the end of this year, followed by 25 million metric tons in 2026. In exchange, Washington will gradually reduce tariffs on select Chinese imports.

Bessent criticized Beijing for previously halting US soybean purchases, saying China had “made pawns out of our great soybean farmers.” He added confidently, “But we believe that we have remedied that.”