Director of the U.S. Economic Council: If China relaxes rare earth export restrictions, the U.S. will ease some export controls.

On the morning before the start of the first meeting of the Sino-US economic and trade consultation mechanism, CNBC contacted Hasset, director of the White House Economic Committee, for an interview. He revealed for the first time that the U.S. government is considering removing some export controls in exchange for further easing China's export controls on rare earths. Hassett said the talks "won't be long, but will be a strong handshake (a big,stronghandshake)"; If China allows large-scale exports of rare earths, "all U.S. export controls will be eased immediately"(anyexporcontrols from the US will be eased) and then the two sides will continue to deal with some "lesser" (smaller matters)。