China will delay the implementation of an expanded rare earth export licensing regime by a year and will resume significant purchases of American soybeans for years, US Treasury Secretary Scott Besant said, quoted by Reuters, BTA reports.
His statement was made today after two days of trade talks between delegations from the two countries in Malaysia. According to Besant, Beijing has committed to reviewing the new rare earth regulations before they take effect.
In an interview with CBS television, Besant stressed that soybean purchases from China "will be significant". He said that when US President Donald Trump and Chinese President Xi Jinping officially announce the new trade agreement next Thursday, American farmers "will feel very good about what is happening both for this season and for the following seasons for several years."
In another interview with the ABC, the minister said that the final details of the deal to transfer ownership of the Chinese short-video app TikTok to American investors had been ironed out during the negotiations.
"Presidents Trump and Xi will be able to consummate the deal next week," Besant said.