China Rare Earths Deal: Thanksgiving Timeline Confirmed
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Scott Bessent Predicts China Will Honor Trade Agreements After Trump-Xi Meeting
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– Updated November 16, 2025, 16:56:39 PST
Context of the Prediction
Investment manager Scott Bessent expressed confidence on June 30, 2019, that China would uphold its trade agreements following a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Korea. Bessent shared his views during an appearance on Fox News’ Sunday Morning Futures program. This prediction came amidst ongoing trade tensions between the two nations.
The meeting between Trump and Xi took place during the G20 summit in Osaka, Japan, on June 29-30, 2019. The leaders agreed to restart trade negotiations, but meaningful disagreements remained regarding intellectual property, technology transfer, and trade imbalances (Council on Foreign relations).
Disputed Report on Rare Earths
Bessent also challenged a report published in The Wall Street Journal suggesting that Chinese officials were considering restricting access to rare earth minerals for U.S. companies with connections to the military. (The Wall Street Journal).
Rare earth minerals are crucial components in various technologies, including defense systems, electronics, and renewable energy. China dominates the global supply of these minerals,controlling a significant percentage of the mining and processing capacity (US Geological Survey). Any restriction on access could have significant implications for U.S. industries.
Who is Scott Bessent?
Scott Bessent is the founder and chief investment officer of Bessent Capital, a New York-based investment firm.He previously worked at Soros Fund Management and Moore Capital Management. Bessent is known for his expertise in global macro investing and has frequently commented on economic and geopolitical issues (Bloomberg).
Timeline of US-China Trade Relations (2018-2019)
- March 2018: The U.S. imposes tariffs on steel and aluminum imports from China and other countries.
- July 2018: The U.S. imposes tariffs on $34 billion worth of Chinese goods.China retaliates with tariffs on U.S. goods of equal value.
- August 2018: The U.S.announces tariffs on an additional $16 billion of Chinese goods.
- September 2018: The U.S. imposes tariffs on $200 billion of Chinese goods.
- December 2018: Trump and Xi meet at the G20 summit in Buenos Aires, agreeing to a 90-day truce in the trade war.
- may 2019: trade talks between the U.S. and China break down.
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