The United States and China have resolved disputes over rare earth mineral and magnet shipments, overcoming a key hurdle that had delayed a trade agreement reached in May.
China had suspended exports of critical minerals and magnets to the U.S. in retaliation against new American tariffs, disrupting supply chains vital to industries including automotive, aerospace, semiconductors, and defense. Though Beijing agreed in May during trade talks in Geneva to lift these restrictions, shipments did not resume as quickly as expected. This led the U.S. to implement countermeasures.
Following a phone call between Presidents Donald Trump and Xi Jinping and subsequent negotiations in London, both sides agreed on a framework to expedite shipments of these materials to the U.S. Treasury Secretary Bessent expressed confidence that magnet shipments would now flow as agreed.
While China's commerce ministry confirmed the framework's details and promised to approve export applications legally, rare earth exports remain subject to strict controls due to concerns over potential military use, slowing licensing processes.
The initial Geneva deal stalled because of China’s export curbs, prompting the U.S. to impose export controls on Chinese semiconductor design software, aircraft, and other goods. However, temporary licenses granted in early June helped ease supply chain issues, including to top U.S. automakers.
President Trump has also linked this trade progress to educational exchanges, noting the U.S. would continue allowing Chinese students in American institutions.
Despite these advances, the agreement highlights the challenges remaining before a comprehensive trade deal between the two global powers can be finalized.
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