Washington is prepared to raise tariffs if Beijing doesn’t abide by its commitments

US Treasury Secretary Scott Bessent announced Sunday that the United States is prepared to increase tariffs on China if the latter doesn’t honor its commitment not to block exports of rare earth minerals.

Chinese authorities indicated on Thursday that they have suspended for one year the additional restrictions they imposed on October 9 on exports of rare earth minerals vital to the global technology sector.

These mineral elements are mined in many countries, including the United States, but China almost monopolizes their processing to make them usable in industry.

However, some of the restrictions previously imposed by Beijing remain in place.

The suspension was announced after talks between US President Donald Trump and Chinese President Xi Jinping in South Korea.

“The Chinese have taken over this market and, unfortunately, have sometimes proven to be unreliable partners,” Scott Bessent said during an interview with Fox News.

Following the agreement and the good faith shown by the two presidents, the US Treasury Secretary added, “I hope we can rely on them to be more reliable partners”.

The official warned that otherwise, we may brandish the threat of tariffs again and use many other cards as well.

Under the agreement announced this week, the US government will reduce tariffs on Chinese exports to the United States from 57% to 47%.

The protocol signed between the world’s two largest economies also stipulates that China must take significant steps to stop the flow of fentanyl into the United States, according to a document released by the White House.

Fentanyl is a powerful opioid whose overdose leads to the deaths of tens of thousands of people annually in the United States.

According to the US Drug Enforcement Administration, China is the primary source of fentanyl entering the United States.