A rare earths deal between the U.S. and China will “hopefully” be done by Thanksgiving, Treasury Secretary Scott Bessent said in remarks that aired on November 16. Bessent’s comments follow a framework agreement announced last month in which Washington agreed not to impose 100% tariffs on Chinese imports and China would hold off on an export licensing regime for crucial rare earths minerals and magnets. Bessent also disputed a recent Wall Street Journal report that said Chinese officials planned to restrict access to rare earths for U.S. companies with ties to the military.
