US Treasury Secretary: US-China Rare Earth Agreement Expected to Be Finalized Before Thanksgiving
USA - US Treasury Secretary Scott Bessent said on Sunday that a rare earth-related agreement between the United States and China is "expected" to be finalized before Thanksgiving. In an interview broadcast on Sunday, he emphasized that both sides have made substantial progress on a framework agreement, which brings positive signs for the stability of critical mineral supply chains.
Bessent said during the Fox News' "Sunday Morning Futures" program in the US: "I am confident that after the US-China meeting in South Korea, the Chinese side will abide by their commitments." This framework agreement includes Washington temporarily not imposing 100% tariffs on imported Chinese goods, while Beijing delays the implementation of an export licensing system for rare earth minerals and magnets.
He also refuted reports from The Wall Street Journal, stating that the claim that China plans to restrict the export of rare earths to companies related to the US military is "not factual." Bessent emphasized that the US and China are proceeding with subsequent work according to the agreement's content.
The rare earth agreement has drawn significant attention, mainly because it is closely related to the global high-tech industry. After Beijing recently tightened the export of rare earths and related magnets, it announced that it would delay some new restrictions by one year after the meeting between US and Chinese leaders in South Korea. This has led the outside world to believe that both sides are trying to avoid the escalation of the rare earth dispute.
The US continues to seek ways to bypass Chinese supply. China accounts for nearly 70% of the global rare earth mining output, and also controls about 90% of the global processing capacity, making its supply capability highly strategically impactful for the world's technology, energy, and defense industries.
However, despite some of the restrictions being delayed, the global rare earth supply continues to face pressure. Reuters recently disclosed that due to China's countermeasures against US tariff measures in April, it imposed export controls on yttrium (Yttrium) and six other rare earth elements, causing a rapid tightening of global yttrium supply.
Yttrium is widely used in areas such as aircraft engines, high-temperature resistant coatings, and semiconductor equipment, and is an essential element for multiple high-tech industries.
Source: rfi
Original: www.toutiao.com/article/1848987614961676/
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