Treasury Secretary Scott Bessent said the US is hopeful China will do more to ease the export of rare earth magnets after last month’s deal between the two countries, saying flows had still not returned to levels seen in early April.

“We are hoping that they will flow at a faster rate,” Bessent said in an interview Tuesday on Fox News, when asked if China was giving the US access to the critical exports. Beijing’s curtailing of the shipments had spurred friction between the world’s two largest economies.

“Rare earth magnets are flowing. They are not flowing as they did before April 4, but we are confident that the Chinese will live up to their side of the deal,” Bessent added.

Those rare earth materials, which are needed by American companies, have had an outsized importance in the trade dispute between Beijing and Washington.

The US and China last month finalized a trade framework aimed at easing tensions that saw the countries exchange tit-for-tat tariffs that rattled markets and threatened to pitch the global economy into a downturn.

‘CLOSE’ ON INDIA
The arrangement, according to US Secretary Howard Lutnick, codified a commitment from Beijing to deliver rare earths used in a number of key industries, including chips, clean energy and transportation. US “countermeasures” imposed ahead of the latest round of talks would be lifted, Lutnick said — once those materials started to flow from China.

Bessent didn’t indicate on Tuesday whether the current flows are sufficient to meet the terms of the agreement or lift those countermeasures.

The Treasury secretary’s interview comes as the US is negotiating with trading partners on deals ahead of a July 9 deadline that will see higher levies take effect on a number of economies. Lutnick said last week that the administration would finalize a slate of trade deals with roughly 10 of the “top” US partners, while others would receive letters setting duty levels.

India is one major economy that is racing to complete a deal. Its chief negotiator is extending his stay in the US to iron out differences. Bessent on Tuesday said the countries were “very close” to a deal.

National Economic Council Director Kevin Hassett signaled Monday that agreements with several governments would be announced after US Independence Day on July 4.

Bessent said that the focus for now is on seeing passage of Trump’s signature tax and spending package, which is moving through Congress, and that deals would begin to be announced next week.

“We want to get this signed on Friday, and then talk about the trade deals next week,” he said.