Bessent: US to Postpone BIS 50% Rule After Meeting With China
The U.S. is postponing the Bureau of Industry and Security's 50% rule for one year in exchange for Beijing delaying its rare earth export controls for one year, Treasury Secretary Scott Bessent said in an Oct. 30 interview with Fox Business. "We are going to be suspending [the BIS 50% rule] for a year in return for the suspension on the rare earth licensing regime," he said.
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The BIS rule, released and effective Sept. 29, extended BIS Entity List and Military End-User List restrictions -- including certain restrictions applied to sanctioned parties -- to affiliates majority-owned by entities on those lists.