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The first test for a much-celebrated US–China trade truce is looming.

US Treasury Secretary Scott Bessent hopes to finalise a rare earth deal by next week’s Thanksgiving holiday, but experts say a breakthrough is unlikely as the two sides maintain sharply different narratives of what was discussed and agreed on key issues.
From rare earths to soybeans, three weeks after Chinese President Xi Jinping and his American counterpart, Donald Trump, were photographed smiling and shaking hands after a meeting on the sidelines of the Asia-Pacific Economic Cooperation summit in South Korea, there is still no joint document, no shared press release and no text that either side has jointly signed or acknowledged publicly.

In their unilateral statements, Washington has been unusually specific, insisting that rare earth “general licences” are imminent and touting large figures for future soybean purchases. Beijing, by contrast, has stayed far more restrained, offering only broad and carefully worded statements. In private, Chinese officials have been hesitant to talk about specific details in the US announcements.

Experts say the gap between Washington and Beijing reflects deep differences in how each side interprets and presents summit discussions.

US Treasury Secretary Scott Bessent said he hopes to finalise a rare earth deal by next week’s Thanksgiving holiday. Photo: EPA
US Treasury Secretary Scott Bessent said he hopes to finalise a rare earth deal by next week’s Thanksgiving holiday. Photo: EPA

While the US left eager to show progress on contentious issues, China has remained cautious, reluctant to confirm commitments publicly. Analysts note that the lack of formal documentation and the US delegation’s limited attendance and apparent absence of detailed note-taking has only magnified the divergence, making a concrete deal before Thursday especially challenging.



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