President Donald Trump secured a trade accord on Wednesday with the People’s Republic of China that centers on fast-tracking U.S. access to Chinese rare-earth minerals and permanent magnets—inputs broadly used in electric vehicles, aerospace components, and defense systems. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick confirmed that negotiators finalized an “implementation framework” for a pact first outlined during Geneva talks in May and refined in London earlier this month. The new understanding ties an American pledge to roll back selected export curbs to Beijing’s commitment to restart mineral shipments suspended in April.
