US Treasury Secretary Scott Bessent signals deal with China on rare earths, soybeans

U.S. Treasury Secretary Scott Bessent said on Sunday that he anticipates that China will revive substantial purchases of U.S. soybeans for several years and will delay its expanded licensing regime for rare earths by a year and re-examine it after two days of trade talks in Malaysia.

Bessent told the CBS program "Face the Nation" that the soybean purchases would be substantial. Bessent said on ABC's "This Week" program that when President Donald Trump and President Xi Jinping announce a trade deal next Thursday U.S. soybean farmers "will feel very good about what's going on both for this season and the coming seasons for several years."

Bessent also said on "Face the Nation" that the details for a deal to transfer ownership of Chinese short video app TikTok to U.S. control were ironed out and that Trump and Xi would be able to "consummate" the transaction next week.