US, agreement with China on minerals - Pact aims to accelerate shipments of rare metals
The United States has reached an agreement with China on how to speed up shipments of rare earth metals to the US, a White House official said.
During U.S.-China trade talks in May in Geneva, Beijing pledged to lift non-tariff countermeasures imposed against the United States as of April 2, although it was not clear how some of these measures would be rolled back.
As part of retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, disrupting supply chains for automakers, aerospace manufacturers, semiconductor companies and military contractors around the world.
"The US administration and China have agreed to a new implementation plan related to the Geneva agreement. The plan is about how we can implement the acceleration of rare earths shipments to the US again," a White House official said.
US Commerce Secretary Howard Lutnick said that "China will send us rare metals, and once they do, we will lift our countermeasures."
While the pact shows potential progress after months of uncertainty and trade disruptions since Trump took office in January, it also underscores the long road ahead toward a final trade deal between the two economic rivals.
According to an industry source, China has taken dual-use restrictions on rare earth metals very seriously and is screening buyers to ensure the materials are not used by the US military. This has slowed down the process of obtaining permits.
The Geneva agreement had failed due to Beijing's restrictions on exports of critical minerals, prompting the Trump administration to respond with its own export controls, preventing shipments of semiconductor software, aircraft and other goods to China.
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