US Treasury Secretary Scott Bessent said on Sunday that the United States aims to finalize a deal with China to secure rare earth supplies by Thanksgiving at the end of November.
The preliminary agreement was discussed in late October during a meeting between Presidents Donald Trump and Xi Jinping in South Korea. China holds a dominant position in the mining and processing of rare earths, which are vital for advanced electronics in industries such as automotive, defense, and technology.
“We haven’t completed the agreement yet, but we hope to finalize it by November 27,” Bessent told Fox News’ Sunday Morning Futures. He expressed confidence that China would honor its commitments following the leaders’ meeting in Korea. However, he also cautioned that if Beijing refuses, the US has “many levers” to respond.
