European suppliers have received enough licences to avoid the widespread disruptions predicted earlier this month but hundreds of permits remain pending, said Nils Poel, head of market affairs at supplier association CLEPA.
"Overall the feeling is that we probably will still have production in July and that the impact will be manageable," he said.
On Friday, Ford CEO Jim Farley said during an appearance in Colorado that the company has had to shut down factories over the past three weeks because of magnet shortages, without elaborating.
China restricted exports of seven rare earths and related magnets in April in retaliation for U.S. tariffs.
Since the restrictions were imposed, rare earth magnet exports from China have fallen roughly 75%, forcing some automaker production lines to halt in Asia, Europe and the United States.
The White House said on Thursday it had signed a deal with China to speed up rare earth approvals without providing details.
Neither party detailed any changes to the existing export licensing system.
"I am confident now... the magnets will flow," Bessent said.
Both asked not to be named because of the sensitivity of the issue.
U.S. magnet maker Dexter Magnetic Technologies, which has defence clients, among others, has received just five of 180 licences since April, CEO Kash Mishra told Reuters, adding those were intended for non-defence sectors.
"It's an extended delay," he said. "It's 45 days trying to get the paperwork right for the supplier, and then it's 45 more days or so before any licences are granted."
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