Bessent says new U.S.-China deal is a sign of ‘de-escalation’ after Trump’s trade war roiled global markets

The agreement comes after China’s retaliation for the sharp import tariff imposed by the Trump administration on Chinese goods and moved to slow the export of rare and magnetic minerals that are intensified by American industrial interests.

Bessin said in “Al -Sabah with Maria” to the Fox Business Network that Trump and Chinese president Xi Jinping “made a phone call” previously “and then our teams met in London, stealing this, and I am sure that we, as we agreed, will flow the magnet.”

“Part of the agreement was a tariff and rare ground magnets began to return to the United States,” Pesin said. “They formed the essence of many of our industrial base. They did not flow at the previously agreed speed.”

His comments follow President Donald Trump, two weeks ago, an agreement with China said he would reduce the export of magnets and rare ground minerals

This agreement wiped the way for trade talks to continue. The United States has previously suspended some sales to China from critical American technologies, such as the ingredients used in jet engines and semi -conductors, but also agreed to stop trying to cancel the visas of Chinese citizens in American universities.

“What we see here is to cancel the escalation,” added Bessent from critical metal exports.

Trade Minister Howard Lootnick Bloomberg told a TV that the deal had signed earlier this week.

The Chinese Ministry of Commerce said on Friday that the two sides “also confirmed the details of the framework”, although its statement did not express us explicitly reaching the rare land that was in the negotiating center.

She said, “In accordance with the law, China will review and approve the export requests for controlled elements. In turn, the United States will raise a series of restrictions imposed on China,” she said.

Initial talks in Geneva early led to both sides, postponing the huge customs tariffs that threatened to freeze a lot of trade between the two countries. Talks in London later placed a framework for negotiations, and the deal mentioned by Trump appears to give this agreement – which represents the stage of Bessent’s comments on Friday.

China has not announced any new agreements, but it announced earlier this week that it was rushing the approvals of rare land exports, materials used in high -tech products such as electric cars. Beijing’s borders on rare land exports were a major point of view.

The Chinese Ministry of Commerce said on Thursday that Beijing was accelerating the review of the export license requests for rare land, which agreed to “a certain number of compatible requests.”

China does not remove export control restrictions on rare land, but it reserves flexibility in contacting up or down the approval process as needed. Rare land products have been added to the control list as shown under a Chinese law, which applies to all exports around the world, and not only those who are associated with the American market

It seems that the exports of minerals have shattered the definitions in the last round of commercial negotiations between Beijing and Washington after China imposed the requirements for allowing seven rare ground elements in April, threatening to disrupt the production of cars, robots, wind turbines and other high -tech products in the United States and around the world.

China also took steps recently on the case of fentanel, announcing last week that it would appoint two other materials as chemicals for the sects for the fentanel, which makes it subject to production, transport and export regulations. Trump demanded that Beijing do more to stop the flow of these sect components to Mexican drug gangs, which it uses to make fentanel for sale in the United States imposing a 20 % tariff on Chinese imports on the case of fentanel, which is the largest part of the current 30 % taxes on Chinese goods.

In May in Geneva, the Convention called for the expansion of the imposed punitive heavy rise with Trump’s escalation of his trade war and the import duties increased sharply. Some of the higher customs tariffs, such as those imposed by Washington related to trade in fentanel and duties on aluminum and steel, are still in place.

Rapid transformation policies affect both the world’s largest economists.

The US economy has contracted at an annual rate of 0.5 % from January to March, partly due to the fact that imports rose when companies and families rushed to buy foreign goods before Trump imposed definitions on them.

In China, the factory profits sank more than 9 % from the previous year in May, when car manufacturers suffer from a large share of this decrease. They fell more than 1 % yearly in January-May.

Trump and other American officials have indicated that they expect to reach commercial deals with many other countries, including India.

“We will deal after the deal after the deal,” said Lootnick.