China To Delay Rare Earths Rules By A Year, Buy US Soybeans: Treasury Secretary Scott Bessent

Last Updated:October 26, 2025, 20:58 IST

Scott Bessent says China may resume US soybean buys and delay rare earth rules. Trump and Xi Jinping to meet in South Korea to resolve trade war.

US Treasury Secretary Scott Bessent. (Photo: AFP file)

US Treasury Secretary Scott Bessent on Sunday said that China will likely revive substantial purchases of soybeans from the US for several years and will even delay the rules on rare earths by a year.

In an interview with ABC’s “This Week" programme, Bessent said that after President Donald Trump and Xi Jinping’s upcoming meeting US soybean farmers “will feel very good about what’s going on both for this season and the coming seasons for several years".

In another interview with NBC’s “Meet the Press", he said that after Thursday meeting the new 100% tariff on Chinese goods will likely be removed.

Trump reached Malaysia on Sunday for a summit of the Association of Southeast Asian Nations (ASEAN), his first stop in a five-day Asia tour. During his trip, the President will meet his Chinese counterpart Xi Jinping in South Korea.

Their meet on Thursday aims to resolve the trade war that has roiled global markets this year, especially following disputes over rare earth minerals.

According to France 24, while the White House has officially announced the highly anticipated Trump-Xi talks, Beijing has yet to confirm that the two leaders will meet.

Trump initially threatened to cancel the meeting and impose new tariffs over the minerals dispute but later confirmed it would go ahead. “The president is most interested in discussing the trade and economic relationship," a senior US official said. Trump himself noted that fentanyl trafficking would also top the agenda, as his administration continues to pressure Beijing to curb the flow of illegal drugs.

Trump has also expressed interest in meeting North Korean leader Kim Jong Un during his visit to South Korea.

The tour comes amid a US government shutdown, with many federal workers missing paychecks, flight disruptions, and looming cuts to food aid. Senate Democratic leader Chuck Schumer criticized the timing, saying, “America is shut down and the President is skipping town." Despite the domestic crisis, Trump appears to be pushing ahead with his foreign engagements and trade priorities.

News world China To Delay Rare Earths Rules By A Year, Buy US Soybeans: Treasury Secretary Scott Bessent

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