8 hours agoU.S. announces trade deals with China
Periskopi(a year ago)
(a year ago)US President Donald Trump praised the “excellent” relations with China, saying the two superpowers reached an agreement after two days of talks aimed at preserving a ceasefire in their trade struggle. Trump wrote on his platform, Social Truth, that China will supply the US with rare land minerals [...]
Trump wrote on his platform, Social Truth, that China will supply the US with rare land minerals and magnets important elements for the American industry, while Washington will allow Chinese students to continue their studies at American universities.
His post came after the head negotiators of the United States and China announced late Tuesday a framework agreement, after two days of marathon talks in London.
Our agreement with China has been reached”, Trump wrote, adding that the agreement is still “pending final approval by the president [of China] Xi Jinping and I”
“In close co-operation, President Xi and I will work to open the Chinese market for American trade”, he said in another post.
After negotiations lasting more than 20 hours, US Trade Secretary Howard Lutnick said Wednesday that the talks were “on the right track”.
“They will immediately approve all applications for magnets from American companies”, he told CNBC, referring to what is expected to happen after Trump and Xi give the green light to the agreement.
He added Washington would remove its measures once China moves, stressing that current levels of American tariffs to China would not change.
Meanwhile, US Treasury Secretary Scott Bessent said in front of lawmakers it is possible to restore balances in economic relations with China, if Beijing proves to be a reliable <x0parter in trade talks”.
Both sides have agreed to lower the mutual tariffs during the talks, which were held last month in Geneva. But the deal seemed to rock after Trump accused China of violating it.
Washington has been worried about slowing down the land's rare mineral supplies, as Beijing, in early April, began to demand that local exporters apply for a ʹ license an action that was widely seen in response to US-set tariffs.
Rare land minerals are used in everything - from electric vehicles to hard drives, wind turbines, and rockets.
Trump said China will supply “magnets ready and any rare mineral needed”.
The American president also said Washington would implement 55 per cent tariffs on Chinese goods.
He added that Beijing has set 10 per cent tariffs for American goods.
These tariff rates are the same as those agreed earlier under a commercial war truce, which temporarily cut American tariffs from 145 percent and those set by China by 125 percent. /Periscope/
