Trump Says Xi Agreed To Resume Rare Earth Exports To U.S.

U.S. President Donald Trump said that Chinese President Xi Jinping has agreed to allow rare earth minerals and magnets to be exported to the United States—a move that could ease tensions between the world’s two largest economies, Reuters reporter Trevor Hunnicutt wrote.

The U.S. and China reached a preliminary agreement in Geneva on May 12 to roll back many of the steep tariffs imposed since Trump’s January inauguration. I Photo: COP Paris Wikimedia Commons

Asked aboard Air Force One whether Xi had committed to the move during a rare phone call a day earlier, Trump replied, “Yes, he did.”

He added the talks had a “very positive conclusion,” saying, “There should no longer be any questions respecting the complexity of Rare Earth products.”

In a sign of the thaw, China has reportedly granted temporary export licenses to rare earth suppliers for the top three U.S. automakers, according to two sources familiar with the matter.

Top aides to both leaders are expected to meet in London this week for continued negotiations. Trump told reporters, “We’re very far advanced on the China deal.”

The U.S. and China reached a preliminary agreement in Geneva on May 12 to roll back many of the steep tariffs imposed since Trump’s January inauguration. Markets, previously rattled by the trade standoff, surged on the news.