(NAFB.com) – Treasury Secretary Scott Bessent said he expects that China won’t impose export controls on rare earth mineral exports, and the U.S. won’t impose 100 percent tariffs on China. During separate interviews over the weekend, Bessent said trade negotiations with China have gone very well. The talks were in anticipation of President Donald Trump’s meeting with Chinese Premier Xi (ZHEE) Jinping this week. ”President Trump gave me maximum leverage when he threatened 100 percent tariffs if the Chinese put their export controls on rare earth minerals in place,” Bessent said. Because that’s likely been averted, he said the tariffs will be postponed as well. “We also agreed on substantial agricultural purchases for America’s farmers,” Bessent added. Bloomberg said if the pledge is confirmed by Beijing, it will bring major relief to U.S. farmers struggling with financial stress after China, the world’s top soybean buyer, walked away during the U.S. harvest season.
