The administration of US President Donald Trump hopes to confirm a deal to secure rare earth supplies from China by Thanksgiving, Treasury Secretary Scott Bessent said in an interview, framing the agreement as vital to shoring up America’s supply chains.
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The remarks came as the Council on Foreign Relations, a US-based think tank, warned in a new report that the US’ reliance on Chinese critical minerals remained a major strategic vulnerability that Washington needed to address.
A rare earths deal between the US and China would “hopefully” be done by the Thanksgiving holiday – which falls on November 27 – Bessent told Fox News’ Sunday Morning Futures programme.
“I am confident that after our leaders met in Korea – President Trump and President Xi [Jinping] – China will uphold its commitments,” Bessent said.
Beijing and Washington have been embroiled in a months-long stand-off over rare earths – minerals that are needed to produce a range of hi-tech goods, from electric cars to fighter jets – with China leveraging its control over global supplies of the materials amid its trade war with the US.
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After Trump imposed sweeping new tariffs in April, Beijing tightened export restrictions on several key minerals. China’s exports of rare earth magnets slowed over the following months, sparking concern among Western manufacturers.