Washington DC - Treasury Secretary Scott Bessent said Sunday that Washington hopes to finalize a deal with China for securing supplies of rare earths by the Thanksgiving holiday at the end of November.

Under the tentative deal – reached in late October at a meeting between Presidents Donald Trump and Xi Jinping in South Korea – Beijing agreed to suspend for one year certain export restrictions on critical minerals.

China is hugely dominant in the mining and processing of rare earths, which are essential for sophisticated electronic components across a range of industries including auto, electronics and defense.

"We haven't even finished the agreement, which we hope to have done by Thanksgiving," which falls on November 27, Bessent said on Fox News' Sunday Morning Futures.

"And I am confident that – post our meeting in Korea between the two leaders, President Trump, President Xi – that China will honor their agreements."

But, Bessent warned, if Beijing balks, the US has "lots of levers" to retaliate.

The Treasury secretary insisted that under the deal, rare earths "will flow freely as they did before April 4," when China slapped restrictions on the sector, requiring export licenses for certain products in response to Trump's sweeping tariffs.

Under the deal reached by Trump and Xi, the US will cut back tariffs on Chinese products, and Beijing will buy at least 12 million metric tons of American soybeans by the end of this year, and 25 million metric tons in 2026.

China, which had stopped buying US soybeans in response to Trump's economic war, "made pawns out of our great soybean farmers," Bessent claimed, adding: "But we believe that we have remedied that."