The United States and China have agreed to a new trade deal after months of negotiations having resolved issues surrounding shipments of rare earth minerals and magnets to the U.S.
US Treasury Secretary Scott Bessent said on Friday,
“I am confident now that we — as agreed, the magnets will flow,” Bessent said.
Trump had earlier hinted the deal on Thursday, but did not provide details.
A White House official said the United States has reached an agreement with China on how to expedite rare earth shipments to the U.S. The deal is also said to include provisions allowing Chinese students to school in the US.
“The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement” that involved expediting their shipments to the U.S” a White House official told Reuters.
According to China’s commerce ministry, the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It however failed to mention rare earths.
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