US Treasury Secretary: Hopes China's Rare Earth Magnet Exports Can Be Faster, Very Close to Reaching an Agreement with India

US Treasury Secretary Bensont said in an interview on Tuesday that the US hopes China will take more measures to ease the export of rare earth magnets after the two countries reached an agreement last month, and stated that the export volume of rare earth magnets has not yet recovered to the level of early April.

Bensont was asked during an interview with Fox News Channel whether China allows the US to obtain these key products. He said, "We hope the export speed of these (rare earth magnets) can be faster." Restrictions by Beijing on the export of rare earth magnets had previously caused friction between the world's two largest economies.

Bensont added, "Rare earth magnets are currently circulating. Although they are not as active as before April 4th, we believe China will fulfill its commitments under the agreement." These rare earth materials needed by US companies have played a crucial role in the US-China trade dispute.

The US and China finalized a trade framework last month aimed at easing tensions, following mutual imposition of retaliatory tariffs that caused market volatility and could potentially lead the global economy into a downturn. A White House official announced last week that an additional memorandum of understanding had been reached with China on how to accelerate the export of rare earths to the US.

According to US Commerce Secretary Rutenberg, "They (China) will provide us with rare earths," and once they do so, "we will cancel our countermeasures." The spokesperson for the Chinese Ministry of Commerce stated through a Q&A session, "Recently, after approval, both sides further confirmed the details of the framework. The Chinese side will legally approve export applications for controlled items that meet the conditions. The US will accordingly cancel a series of restrictive measures taken against China."

Bensont did not indicate whether the current flow of rare earth magnet supplies is sufficient to meet the terms of the supplementary memorandum or to lift these countermeasures. Bensont was interviewed as the US is negotiating with trade partners to reach agreements before the July 9 deadline, when higher tariffs may be imposed on some economies.

Rutenberg said last week that he would finalize a series of trade agreements with about 10 "major" US partners, while other partners would receive letters setting tariff levels. India is one of the major economies competing to reach an agreement with the US. Its chief negotiator is extending his stay in the US to resolve differences.

Bensont said on Tuesday that the US and India were "very close" to reaching an agreement. White House National Economic Council Director Hassett said on Monday that agreements reached with governments of multiple countries would be announced after the US Independence Day on July 4.

Bensont introduced that the current focus is on whether the Trump-era tax and spending plan can be approved by the US Congress, and trade agreements will begin to be announced next week. Bensont said, "We hope to sign the bill on Friday, and then discuss trade agreements next week."

Original article: https://www.toutiao.com/article/1836461202999304/

Statement: This article represents the views of the author himself.