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Trade and export controls: Treasury says no quid pro quo on chips for rare earths; export controls remain in place
Summary
Senators raised concerns about easing chip export restrictions to obtain rare earths from China and about trade negotiations; Treasury Secretary Bessent said there is "no quid pro quo" and noted export controls remain for high‑end chips while trade talks continue.
Senators asked Treasury Secretary Bessent about reports that the administration might ease export controls on high‑end U.S. chips to secure rare earth materials from China and about broader trade negotiations and tariffs.
Senator Van Hollen asked whether there was a quid pro quo — chips for rare earths — and whether the administration was…
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