The US hopes to soon complete a rare earth deal with China before Thanksgiving, after the two sides reached a new cooperation framework and pledged not to tighten taxes or restrict exports.

In a speech broadcast on November 16, US Treasury Secretary Scott Bessent expressed "hope" that a rare earth deal between the US and China would be completed before Thanksgiving.

Mr Bessent's comments follow a framework agreement announced last month in which Washington agreed not to impose 100% tariffs on imports from China and Beijing would suspend an export licensing regime for critical rare earth minerals and magnets.

Speaking on Fox News, Mr. Bessent shared: "I believe that after the meeting between the two leaders in South Korea, President Trump and President Xi Jinping, China will honor their agreements."

In addition, Mr. Bessent also denied a recent article in the Wall Street Journal that said Chinese officials planned to restrict access to rare earths for American companies with military ties.

Source: VTV

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