US Treasury's Bessent: China made a real mistake by firing shots on rare earths.

Agustin Wazne FXStreet

United States (US) Treasury Secretary Scott Bessent said on Friday that he thinks the Chinese leadership was slightly alarmed by the global backlash to their export controls and that "everything’s ironed out in terms of the permissions, and we should see a transaction very soon."

Key Quotes

China made a real mistake by firing shots on rare earths.

US and Chinese leaders had reached an “equilibrium” but warned that China would not be able to keep using its critical minerals as a coercive tool.

I think the Chinese leadership were slightly alarmed by the global backlash to their export controls.

There’s an agreement that, ceteris paribus, we have reached an equilibrium, and we can operate within that equilibrium over the next 12 months.

Everything’s ironed out in terms of the permissions, and we should see a transaction very soon.

Under the one-year deal, China agreed to postpone the implementation of its rare earths regime and buy large amounts of US soybeans.

Under the one-year deal, China allow American investors to take control of TikTok in the us.

The US and China would sign the deal over the coming week and was confident it would stick."

Author

Agustin Wazne

FXStreet

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

GBP/USD holds losses below 1.3550 after weak UK jobs data

GBP/USD holds losses below 1.3550 in European trading hours on Tuesday. The UK ILO Unemployment Rate held steady at 4.9% in the three months to June, against a forecast of 4.8%, while Employment Change arrived at 83K in the same period versus 147K previous. Weak UK labor data keep the British Pound under pressure, driving the pair lower.

EUR/USD flatlines below 1.1600 amid Oil-driven inflation fears

EUR/USD holds steady below 1.1600 in the European session on Tuesday, stalling the previous day's modest pullback from a two-month high. However, a modest US Dollar uptick warrants caution before positioning for the resumption of the recent recovery from the 1.1350 area, or the July monthly swing low.

Gold remains depressed below $4,400 amid oil-driven inflation fears

Gold sticks to modest intraday losses below the $4,400 mark heading into the European session on Tuesday, and seems to have snapped a two-day winning streak. The US Dollar builds on the overnight bounce from a two-month trough as inflation risks stemming from higher oil prices underpin prospects for at least one interest rate hike by the US Federal Reserve in 2026.

Ripple and Stellar remain under bearish pressure as corrective declines cap upside

Ripple and Stellar remain under pressure as broader market uncertainty and weak technical momentum weigh on both altcoins. XRP is hovering below the key $1 mark on Tuesday while XLM continues its corrective decline below $0.157. Meanwhile, mixed derivatives and on-chain signals indicate cautious sentiment, leaving both cryptocurrencies vulnerable to further downside.

Silver’s new era: Supply deficits meet exploding industrial demand

Silver has experienced a wild ride in 2026, but The Silver Institute President and CEO Michael DiRienzo says investors shouldn’t let the volatility obscure a much bigger story: the underlying silver market remains remarkably strong.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.