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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 considering increased access for China to high‑end semiconductor technology. Secretary Bessent said, "there is no quid pro quo," adding that agencies including Treasury, Commerce and the White House Office of Science and Technology have conducted extensive review of potential technology transfers and have been "very judicious" about technology controls.
Bessent noted the administration has set export controls on certain high‑end Nvidia chips and said the department has been operating a global baseline of reciprocal tariffs at 10% while conducting negotiations with major trading partners. He discussed the goal of rebalancing U.S. manufacturing and described trade negotiations with major partners as active but not yet complete.
Senators also raised concerns about recent rollbacks of safeguards with other partners and urged continued oversight. Bessent committed to continue negotiating and coordinating with trading partners and federal agencies and to follow up with additional information if requested by the committee.
