US Aims for Thanksgiving Deadline for China Rare Earths Deal

‘The agreement is that the magnets will flow freely, as they did before April 4,’ Bessent said.

Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu Province, China, on Oct. 31, 2010. Stringer/Reuters

U.S. Treasury Secretary Scott Bessent said on Nov. 16 that the government is expecting to finalize a Chinese rare earths deal by Thanksgiving, Nov. 27.

His remarks were made after news that Beijing was looking into a verified end-user system that would prohibit companies linked to U.S. defense from acquiring rare earths.