US says it reaches understanding to expedite rare earth exports from China

WASHINGTON – The US and China finalised a trade understanding reached in May in Geneva, US Commerce Secretary Howard Lutnick said, adding that the White House has imminent plans to reach agreements with a set of 10 major trading partners.

The China deal, which he said was signed two days ago, codifies the terms laid out in trade talks between Beijing and Washington, including a commitment from China to deliver rare earth minerals used in everything from wind turbines to jet planes.

“They’re going to deliver rare earths to us” and once that is done, “we’ll take down our countermeasures”, Mr Lutnick told Bloomberg News in an interview.

The China agreement sets out the terms laid out in trade talks between Beijing and Washington in 2025 – a milestone after both sides accused each other of violating the terms of previous handshake accords. Yet it still hinges on future actions by both nations, including China’s export of rare earth materials.

Mr Lutnick told Bloomberg Television that Mr Donald Trump was also prepared to finalise a slate of trade deals in the coming two weeks in connection with the President’s July 9 deadline to reinstate higher tariffs he paused in April.

“We’re going to do top 10 deals, put them in the right category, and then these other countries will fit behind,” he noted.

Mr Lutnick did not specify which nations would be part of that first wave of trade pacts, though earlier on June 26, Mr Trump suggested the US was nearing an agreement with India.

The President has also said that he will ultimately send “letters” to countries dictating trade terms if agreements are not reached in time. Countries will be sorted into “proper buckets” on July 9, Mr Lutnick added. Mr Trump could also extend deadlines to allow