Washington and Beijing have signed a trade agreement that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production.

The United States and China have resolved issues surrounding shipments of rare earth minerals and magnets to the U.S., Treasury Secretary Scott Bessent said on Friday, ironing out a dispute that stalled a deal reached in May.

The Trump administration reached an agreement with China this week focused on rare earth exports to the U.S., building on previous talks between the two nations that eased tariffs on imports from Beijing.