Washington and Beijing have reached a trade agreement enhancing U.S. firms' access to magnets and rare earth minerals crucial for manufacturing and microchips. This arrangement follows China's retaliatory measures against U.S. tariffs and aims to restore trade flows. Treasury Secretary Scott Bessent communicated confidence in improved relations following discussions between Presidents Trump and Xi. The deal is seen as a de-escalation of tensions, with both sides working to confirm and implement agreements to support U.S. industrial interests while addressing mutual trade concerns.
Part of the agreement was tariffs coming down and rare earth magnets starting to flow back to the U.S. They formed the core of a lot of our industrial base.
What we're seeing here is a de-escalation. The magnets will flow.
Our teams met in London, ironed this out, and I am confident now that we, as agreed, the magnets will flow.
China will, in accordance with the law, review and approve export licenses for relevant enterprises.
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