The administration of US President Donald Trump hopes to confirm a deal to secure rare earth supplies from China by Thanksgiving, Treasury Secretary Scott Bessent said in an interview, framing the agreement as vital to shoring up America’s supply chains.

The remarks came as the Council on Foreign Relations, a US-based think tank, warned in a new report that the US’ reliance on Chinese critical minerals remained a major strategic vulnerability that Washington needed to address.

A rare earths deal between the US and China would “hopefully” be done by the Thanksgiving holiday – which falls on November 27 – Bessent told Fox News’ Sunday Morning Futures programme.

“I am confident that after our leaders met in Korea – President Trump and President Xi [Jinping] – China will uphold its commitments,” Bessent said.