US Treasury Secretary, Scott Besent, confirmed that his country is confident of the return of rare mineral magnets from China after a bilateral agreement on it, in statements made to Fox Business. Besent added that the agreement “will allow magnets to reach those who were receiving them regularly,” referring to a calm in the commercial escalation with Beijing.
Pesent explained that the current US customs duties on Chinese imports amount to 30 percent, compared to only 10 percent imposed by China on American goods, stressing that “the ball is now at the China Stadium”, with the approaching date of August 12, the date of reviewing customs procedures.
“I think we can keep this escalation under control … and we will see whether China wants to be a responsible partner,” he said.
The agreement comes after months of tension on rare mineral exports, which are essential for technology and energy industries, which Beijing had previously slowed, prompting Washington to take counter -action.
