WASHINGTON: US Treasury Secretary Scott Bessent said on Sunday that Washington aims to complete a rare earths supply agreement with China before the Thanksgiving holiday at the end of November.
The proposed arrangement was initially outlined in late October during a meeting in South Korea between Presidents Donald Trump and Xi Jinping.
China remains the dominant global force in both mining and processing rare earth elements materials crucial for advanced electronics used in industries such as automotive manufacturing, consumer technology, and defense.
Speaking on Fox News’s Sunday Morning Futures, Bessent said, “We’re still finalizing the agreement, and we hope to have it wrapped up by Thanksgiving,” which this year falls on November 27.
He added that he believes China will stick to its commitments following the leaders’ discussions in Korea.
However, Bessent cautioned that if Beijing fails to uphold the deal, the United States has “many options” to respond.
