The United States and China are on the verge of finalizing a rare earths trade agreement, potentially concluding before Thanksgiving. This deal involves the U.S. suspending a planned 100% tariff increase, while China agrees to lift export restrictions. The agreement aims to stabilize supply chains critical for technology, defense, and cryptocurrency mining sectors. Treasury Secretary Scott Bessent expressed optimism about China's commitment following discussions at the Trump-Xi summit. Despite progress in rare earths, China has yet to meet its agricultural trade commitments, notably falling short in soybean purchases.