China rare earths deal will 'hopefully' be done by Thanksgiving, Bessent says

Bessent disputes WSJ report claiming China may restrict rare earths to US firms with military ties

US Treasury Secretary Scott Bessent speaks to reporters at the White House in Washington, DC, US, Nov 5, 2025. REUTERS/Kevin Lamarque

A rare earths deal between the US and China will "hopefully" be done by Thanksgiving, Treasury Secretary Scott Bessent said in remarks that aired on Sunday.

Bessent's comments follow a framework agreement announced last month in which Washington agreed not to impose 100% tariffs on Chinese imports and China would hold off on an export licensing regime for crucial rare earths minerals and magnets.

"I am confident that post our meeting in Korea between the two leaders, President Trump, President Xi (Jinping), that China will honor their agreements," Bessent told Fox News's "Sunday Morning Futures" program.

Bessent also disputed a recent Wall Street Journal report that said Chinese officials planned to restrict access to rare earths for U.S. companies with ties to the military.