U.S. and China Reach Landmark Agreement on Rare Earth Magnets

U.S. Treasury Secretary Scott Bessent announced on Friday that a significant breakthrough has been achieved with China regarding the flow of rare earth magnets. The new agreement promises to reignite trade in these critical materials.

Bessent, speaking to Fox Business Network, conveyed his confidence that magnets would begin to be supplied as per the agreement after China had previously slowed their delivery. The U.S. had responded with countermeasures to address the delay.

This development marks a de-escalation of tensions, which has been attributed to leadership efforts by President Trump, aiming to stabilize and secure the supply of essential minerals from China.

(With inputs from agencies.)