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Yomiuri Shimbun
an hour ago
- Business
- Yomiuri Shimbun
Deal with Beijing Will Speed China's Export of Minerals to the US, Treasury Secretary Says
BANGKOK (AP) — Washington and Beijing have signed a trade agreement that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, U.S. Treasury Secretary Scott Bessent said Friday. The agreement comes after China retaliated against steep import tariffs imposed by the Trump administration on Chinese goods and moved to slow export of rare earth minerals and magnets much-needed by U.S. industrial interests. Bessent said on Fox Business Network's 'Mornings with Maria' that Trump and Chinese President Xi Jinping 'had a phone call' previously 'and then our teams met in London, ironed this out, and I am confident now that we, as agreed, the magnets will flow.' 'Part of the agreement was tariffs coming down and rare earth magnets starting to flow back to the U.S.,' Bessent said. 'They formed the core of a lot of our industrial base. They were not flowing as fast as previously agreed.' His comments follow President Donald Trump announcing two weeks earlier an agreement with China that he said would ease exportation of magnets and rare earth minerals That pact cleared the way for the trade talks to continue. The U.S. has previously suspended some sales to China of critical U.S. technologies like components used for jet engines and semiconductors. It has also agreed to stop trying to revoke visas of Chinese nationals on U.S. college campuses. Bessent added of critical mineral exports: 'What we're seeing here is a de-escalation.' Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. China's Commerce Ministry said Friday that the two sides had 'further confirmed the details of the framework,' when responding to a question about if China was to speed up exports of rare earths to the U.S. and if the U.S. was to remove some restrictions on China. 'China will, in accordance with the law, review and approve eligible export applications for controlled items. In turn, the United States will lift a series of restrictive measures it had imposed on China,' the ministry said. Initial talks in Geneva in early May led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries. Later talks in London set a framework for negotiations and the deal mentioned by Trump appeared to formalize that agreement — setting the stage for Bessent's comments on Friday. In London, export controls of the minerals eclipsed tariffs in the trade negotiations after China in April imposed permitting requirements on seven rare earth elements, per a Chinese law that applies to all exports, not just those bound for the U.S. market. With the permitting process taking 45 days, the new requirement has caused a pause in shipments, threatening to disrupt production of cars, robots, wind turbines and other high-tech products in the U.S. and around the world. The U.S., meanwhile, took restrictive measures on exports of high tech to China. By the latest agreement, China does not remove the permitting requirement on rare earths but retains the flexibility to dial up or down the approval process as needed. Sun Yun, director of the China program at the Washington-based think tank Stimson Center, said Beijing has only tightened its overall policy on rare earths but has the discretion on how to implement it. 'That's the Chinese style,' she said. 'If all goes well, permit happens. If things go in a wrong direction, like U.S. arms sales to Taiwan, permits gone with wind.' China also has taken steps recently on the fentanyl issue, announcing last week that it would designate two more substances as precursor chemicals for fentanyl, making them subject to production, transport and export regulations. Trump has demanded that Beijing do more to stop the flow of such precursor ingredients to Mexican drug cartels, which use them to make fentanyl for sale in the U.S. He imposed 20% tariffs on Chinese imports over the fentanyl issue, the biggest part of current 30% across-the-board taxes on Chinese goods. The agreement struck in May in Geneva called for both sides to scale back punitive tariff hikes imposed as Trump escalated his trade war and sharply raised import duties. Some higher tariffs, such as those imposed by Washington related to the trade in fentanyl and duties on aluminum and steel, remain in place. The rapidly shifting policies are taking a toll on both of the world's two largest economies. The U.S. economy contracted at a 0.5% annual pace from January through March, partly because imports surged as companies and households rushed to buy foreign goods before Trump could impose tariffs on them. In China, factory profits sank more than 9% from a year earlier in May, with automakers suffering a large share of that drop. They fell more than 1% year-on-year in January-May. Trump and other U.S. officials have indicated they expect to reach trade deals with many other countries, including India. 'We're going to have deal after deal after deal,' Lutnick said.
West Australian
6 hours ago
- Business
- West Australian
Trump Administration eyes September deadline to finalise major trade agreement, says Bessent
Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Mr Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. 'So we have countries approaching us with very good deals,' Mr Bessent said on Fox Business Network. 'We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day,' Mr Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Mr Trump told reporters at the White House on Friday that he could extend the tariff deadline or 'make it shorter,' adding that within the next week and a half, he would notify countries of their tariff rates. 'I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent' tariffs, Mr Trump said in an apparent joke. Mr Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Mr Bessent said, so the US put countermeasures in place. 'I am confident now that we - as agreed, the magnets will flow,' Mr Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Mr Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Mr Trump said that his administration was looking to get a 'full trade barrier dropping' deal with India. 'I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade,' Mr Trump said.
Perth Now
6 hours ago
- Business
- Perth Now
US trade deals may be finalised by September
Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Mr Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. 'So we have countries approaching us with very good deals,' Mr Bessent said on Fox Business Network. 'We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day,' Mr Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Mr Trump told reporters at the White House on Friday that he could extend the tariff deadline or 'make it shorter,' adding that within the next week and a half, he would notify countries of their tariff rates. 'I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent' tariffs, Mr Trump said in an apparent joke. Mr Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Mr Bessent said, so the US put countermeasures in place. 'I am confident now that we - as agreed, the magnets will flow,' Mr Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Mr Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Mr Trump said that his administration was looking to get a 'full trade barrier dropping' deal with India. 'I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade,' Mr Trump said.
The Advertiser
7 hours ago
- Business
- The Advertiser
US trade deals may be wrapped up by September: Bessent
Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Trump told reporters at the White House on Friday that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Bessent said, so the US put countermeasures in place. "I am confident now that we - as agreed, the magnets will flow," Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes "very seriously" and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Trump said that his administration was looking to get a "full trade barrier dropping" deal with India. "I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade," Trump said. Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Trump told reporters at the White House on Friday that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Bessent said, so the US put countermeasures in place. "I am confident now that we - as agreed, the magnets will flow," Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes "very seriously" and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Trump said that his administration was looking to get a "full trade barrier dropping" deal with India. "I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade," Trump said. Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Trump told reporters at the White House on Friday that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Bessent said, so the US put countermeasures in place. "I am confident now that we - as agreed, the magnets will flow," Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes "very seriously" and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Trump said that his administration was looking to get a "full trade barrier dropping" deal with India. "I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade," Trump said. Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. "So we have countries approaching us with very good deals," Bessent said on Fox Business Network. "We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Trump told reporters at the White House on Friday that he could extend the tariff deadline or "make it shorter," adding that within the next week and a half, he would notify countries of their tariff rates. "I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent" tariffs, Trump said in an apparent joke. Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Bessent said, so the US put countermeasures in place. "I am confident now that we - as agreed, the magnets will flow," Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes "very seriously" and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Trump said that his administration was looking to get a "full trade barrier dropping" deal with India. "I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade," Trump said.
Powys County Times
7 hours ago
- Business
- Powys County Times
Beijing deal will speed China's export of minerals to US
Washington and Beijing have signed a trade agreement that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, US treasury secretary Scott Bessent said on Friday. The agreement comes after China retaliated against steep import tariffs imposed by the Trump administration on Chinese goods, and moved to slow the export of rare earth minerals and magnets much needed by US industrial interests. Mr Bessent said on Fox Business Network's Mornings With Maria that US President Donald Trump and Chinese President Xi Jinping 'had a phone call' previously 'and then our teams met in London, ironed this out, and I am confident now that we, as agreed, the magnets will flow'. 'Part of the agreement was tariffs coming down and rare earth magnets starting to flow back to the US,' Mr Bessent said. 'They formed the core of a lot of our industrial base. They were not flowing as fast as previously agreed.' His comments come after Mr Trump announced two weeks earlier an agreement with China that he said would ease exportation of magnets and rare earth minerals That pact cleared the way for the trade talks to continue. The US has previously suspended some sales to China of critical US technologies like components used for jet engines and semiconductors. But it has also agreed to stop trying to revoke visas of Chinese nationals on US college campuses. Mr Bessent added of critical mineral exports: 'What we're seeing here is a de-escalation.' Commerce secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. China's commerce ministry said on Friday that the two sides had 'further confirmed the details of the framework', though its statement did not explicitly mention US access to rare earths that have been at the centre of the negotiations. 'China will, in accordance with the law, review and approve eligible export applications for controlled items. In turn, the United States will lift a series of restrictive measures it had imposed on China,' it said. Initial talks in Geneva in early May led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries. Later talks in London set a framework for negotiations and the deal mentioned by Mr Trump appeared to formalise that agreement, setting the stage for Mr Bessent's comments on Friday.
