US Treasury Secretary Scott Bessent signalled Sunday a tentative deal for China to delay export curbs on rare earth minerals and resume buying US soybeans, thus averting a huge hike in tariffs.
President Donald Trump had threatened a 100 percent tariff hike on November 1 if the Chinese imposed rare earth global export controls, but "I think we have averted that," Bessent told ABC's "This Week."
On the export curbs, China will "delay that for a year while they reexamine it," Bessent said, adding that Beijing had also agreed on "substantial" agricultural purchases in talks with Vice Premier He Lifeng in Kuala Lumpur.
President Donald Trump had threatened a 100 percent tariff hike on November 1 if the Chinese imposed rare earth global export controls, but "I think we have averted that," Bessent told ABC's "This Week."
On the export curbs, China will "delay that for a year while they reexamine it," Bessent said, adding that Beijing had also agreed on "substantial" agricultural purchases in talks with Vice Premier He Lifeng in Kuala Lumpur.
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