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A major breakthrough is on the horizon. The long-awaited trade agreement between the United States and China is expected to be finalized next week, just before November 27, according to U.S. Treasury Secretary Scott Bessent. While the deal isn’t completely finished yet, officials are aiming to wrap it up ahead of the Thanksgiving holiday.
Bessent noted that the upcoming meeting between President Donald Trump and China’s President Xi — set to take place soon in Korea — is expected to seal the final details and push China to follow through on its commitments.
Key points of the deal:
• China will restore freer movement of rare-earth materials, returning to pre-April 4 conditions before export licenses were introduced.
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• The U.S. will lift select tariffs on Chinese products.
• China will purchase at least 12 million metric tons of U.S. soybeans by year-end, with plans to increase that to 25 million tons in 2026.
• If China fails to meet its obligations, the U.S. still has multiple enforcement tools ready to use, Bessent warned.
This deal signals a major easing of long-standing trade tensions, offering fresh stability to global supply chains, especially industries relying on rare-earths and critical materials.
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