FX.co ★ China to Delay Rare Earths Rules by a Year, Bessent Says

U.S. Treasury Secretary Scott Bessent announced that China has decided to postpone its planned export controls on rare earth elements by one year and will significantly increase its purchases of U.S. soybeans over the coming years, according to a report by Reuters. During an appearance on CBS’s Face the Nation, Bessent emphasized that the soybean purchases would be "substantial." In a separate statement, he indicated that discussions at the ASEAN Summit in Kuala Lumpur had successfully averted the potential imposition of 100% tariffs on Chinese imports by the Trump administration, which were originally slated to begin on November 1. Furthermore, Bessent suggested that China would defer the launch of its new licensing system for rare earth minerals and magnets by a year to reevaluate the strategy. In contrast, Chinese representatives were more reserved during the talks and did not provide specific details regarding the discussions' conclusions. President Trump and President Xi are expected to meet on Thursday during the APEC summit in Gyeongju, South Korea, to finalize these agreements.