America must trust China to keep its side of the bargain on the two countries’ trade deal, which has not yet been signed, Treasury Secretary Scott Bessent said Sunday.
A deal between the U.S. and China will “hopefully” be done by Thanksgiving, Bessent said in a Fox News interview, after the countries struck a framework agreement last month. That pact saw Washington agree not to impose 100% tariffs on Chinese imports, while China said it will stop limiting exports of rare earths for a year.
But since then, reports have surfaced detailing Chinese plans to hold back some of its rare earths exports, and data has suggested it may not be buying as many soybeans as it said it would.
“We haven't even finished the agreement, which we hope to have done by Thanksgiving,” Bessent said in the interview. “I am confident that post our meeting in Korea between the two leaders, President Trump, President Xi, that China will honor their agreements.”
The Wall Street Journal reported last week that China plans to exclude firms with U.S. military ties from fast-tracked export approvals.
Meanwhile, data from the Agriculture Department released Friday cast doubt on whether China really plans to start buying vast quantities of American soybeans, which was another part of the draft agreement.
A USDA report released after the government shutdown ended last week showed only two Chinese purchases of U.S. soybeans since the summit between President Donald Trump and Chinese President Xi Jinping in South Korea, well behind forecasts touted at the time.
When asked what the U.S. might do if China does not honor its agreements, Bessent said the U.S. had “lots of levers.” He added: “All options are on the table, but I think we have to go into this believing that President Xi will keep his word to President Trump.”