Rare earths versus soy. US Treasury Secretary Scott Bessent announced on Sunday that China was considering delaying the implementation of export restrictions on rare minerals and resuming purchases of soybeans from the United States, thus avoiding a massive increase in tariffs against it.
US President Donald Trump has threatened to impose additional 100% tariffs on Chinese goods from November 1 if China tightens controls on rare earth exports and the technologies needed to refine them.
China will “delay this for a year while it reviews the situation,” he added, adding that Beijing had also agreed to “substantial agricultural purchases from American farmers” during talks with Deputy Prime Minister He Lifeng in Kuala Lumpur.
Donald Trump will meet with his Chinese counterpart, Xi Jinping, on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
“I think we have a very good chance of reaching a comprehensive agreement,” the Republican said Saturday aboard Air Force One.
Source: BFM TV
