A U.S.-China rare earths deal to ease trade tensions is set for Thanksgiving, avoiding tariffs and export restrictions.

A U.S.-China rare earths deal is expected to be finalized by Thanksgiving, Treasury Secretary Scott Bessent said on Fox News, following a framework where the U.S. will not impose 100% tariffs on Chinese imports and China will delay an export licensing regime for critical rare earth minerals and magnets. Bessent expressed confidence in China’s commitment after a meeting between Presidents Trump and Xi Jinping, and denied reports that China plans to restrict U.S. military-linked firms’ access to rare earths. The agreement aims to ease trade tensions and stabilize supply chains for vital technology and defense materials.