Trump Says He's Getting 'Good Reports' As Scott Bessent-Led Delegation Expects Beijing To Remove Rare Earth Export Curbs

Officials from the Trump administration expect China to lift restrictions on exports of rare earth alloys, minerals, and magnets, as trade negotiations between Washington and Beijing continue in London.

What Happened: "The purpose of the meeting today is to make sure that they're serious, but to literally get handshakes and get this thing behind us," U.S. National Economic Council Director Kevin Hassett told CNBC on Monday.

Hassett added that the U.S. delegation, led by Treasury Secretary Scott Bessent, anticipates a brief meeting and expects that "Any export controls from the U.S. will be eased, and the rare earths will be released in volume," after the “handshake,” he said.

Trade talks between the two delegations are underway in London and will resume on Tuesday. After the initial discussions, U.S. President Donald Trump told reporters from the White House: "We are doing well with China. China's not easy. I'm only getting good reports."

Why It Matters: The potential easing of rare earth export restrictions could bring relief to the global automotive industry, which has struggled to secure supplies since China's curbs took effect.

China controls more than 70% of global rare-earth mining and over 90% of rare-earth alloy and magnet production, making any restriction a significant threat to worldwide vehicle manufacturing.

However, China has granted temporary export licenses to the suppliers of the Detroit Big Three automanufacturers, offering a rare silver lining amid the broader trade war tensions.

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