Treasury secretary announces deals with China on rare earths and soybean purchases
President Donald Trump had threatened additional 100% tariffs starting Nov. 1 if Beijing imposed blanket controls on rare earth exports.
Bessent at the White House/ Mandel Ngan
Treasury Secretary Scott Bessent announced Sunday that China is considering delaying the imposition of export restrictions on rare minerals and resuming purchases of American soybeans, thus avoiding a massive increase in tariffs against it.
President Donald Trump had threatened to implement additional 100% tariffs starting Nov. 1 if China imposed blanket controls on rare earth exports. "I think we have averted that," Bessent stated on ABC's "This Week with George Stephanopoulos."
">.@SecScottBessent on President Trump's meeting with Xi Jinping: "I believe that we have the framework for the two leaders to have a very productive meeting for both sides — and I think it will be fantastic for U.S. citizens, for U.S. farmers, and for our country in general." pic.twitter.com/0DpRyk45Js
— Rapid Response 47 (@RapidResponse47) October 26, 2025
China is "going to delay that for a year while they reexamine it," he added, specifying that Beijing also agreed to make "substantial agriculture purchases for U.S. farmers" after talks with Vice Premier He Lifeng.
The Treasury secretary further revealed "that the Chinese would begin to help us with the precursor chemicals for this terrible fentanyl epidemic that's ravaging our country. So, I would say that it was a very good meeting overall," Bessent said.
Trump's visit to Southeast Asia
The visit coincides with the close of two days of talks between U.S. and Chinese trade negotiators in Kuala Lumpur. The meetings seek to unblock the tariff war pitting the world's two largest economies against each other. These discussions are a preamble to the scheduled meeting between Trump and Chinese President Xi Jinping, to be held Thursday in South Korea.
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