U.S. Treasury Secretary Scott Bessent said on Fox News Sunday that negotiations between the United States and China on rare earths should be completed by the end of November, when Thanksgiving is celebrated in the United States.

Under the agreement, Washington has pledged not to declare 100 percent import tariffs on Chinese products, and China, in turn, will temporarily suspend the implementation of an export licensing system for rare earths and magnets - raw materials essential for the production of advanced electronics, defense technology, wind turbines and electric cars.

Bessent stressed that the meeting between US President Donald Trump and Chinese President Xi Jinping in Korea has created the right conditions for reaching a final agreement. He added that both countries have an interest in keeping the negotiated commitments and economic stability.

At the same time, the Treasury Secretary dismissed the information of the Wall Street Journal, which came up with the fact that Chinese officials are preparing restrictions on access to rare earths for American companies. According to Bessent, this is misleading and inaccurate information.