‘China still holds all the cards’: Trump, Xi reach rare earths deal

President Donald Trump on Thursday said he reached a tentative deal after an “amazing” meeting with Chinese leader Xi Jinping that will offer a reprieve — but not necessarily a long-term solution — from China’s vise grip on rare earths needed for EVs, planes and military equipment.

Speaking aboard Air Force One, Trump told reporters that Xi vowed to suspend Beijing’s restrictions on rare earth exports under a “one-year agreement” that will likely be “routinely extended.”

“We have a deal,” said Trump after meeting with Xi in South Korea. “Now in a year we’ll renegotiate the deal, but I think the deal will go on for a long time.”

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