The US and China have reached agreements on the supply of rare earth minerals and magnets to the United States, which allowed to relieve trade tension between the two largest economies in the world. This was stated on June 27 by US Finance Minister Scott Bessent, Reuters reports.
According to him, the parties have agreed on the conditions that will provide stable supply of strategically important materials, including magnets used in the defense industry, electronics and energy. The minister stressed that he was confident in the uninterrupted fulfillment of the obligations that have been discussed earlier.
A direct telephone conversation between US President Donald Trump and the China Central Chairman Xi Jinping led to the punch. After this delegations of both countries, they met in London, where they conducted technical consultations on the final points of the trade agreement.
This decision opens the way to the completion of a broader trade agreement, which has been discussed over several months and covers not only raw materials, but also the issues of technological cooperation, standards and access to the market.
