Washington and Beijing have signed a trade agreement that facilitates American companies to maintain magnets and Rare earth minerals The US Finance Minister Scott Bessent said of China, which are of crucial importance for production and microchip production on Friday.
The agreement takes place after China against Steep import duties Slowed up by the Trump management for Chinese goods and the export of minerals and magnets, which are urgently needed by the US industrial interests.
Bessent continued fox The “Moria with Maria” from Business Network that Trump and the Chinese President Xi Jinping “had a call” beforehand and then our teams met in London, ironed out, and I am now confident that we, as agreed, will flow the magnets. ”
“Some of the agreement were tariffs that came down and the magnets of rare earth flow back to the USA,” said Bessent. “They formed the core of many of our industrial basis. They don’t flow as quickly as previously agreed.”
President Donald Trump followed his comments, who announces Two weeks earlier An agreement with China, of which he said
This pact has released the way for the trade talks to continue. The United States has previously set some sales to China on critical US technologies such as components Chinese citizen on the US College Campus.
Besser was added by critical mineral exports: “What we see here is a de -escalation.”
Minister of Commerce Howard Lutnick told Bloomberg TV that the deal was signed at the beginning of this week.
China’s Ministry of Commerce said on Friday that the two sides “would have further confirmed the details of the framework”, although in her explanation we did not expressly told us access to rare earths that were the focus of the negotiations.
“China will check and approved authorized export applications for controlled objects in accordance with the law. The United States will again raise a number of restrictive measures that China imposed,” it said.
Initial talks in Geneva at the beginning of May prompted both sides to move massively Tariff hikes This threatened to freeze a lot of trade between the two countries. Later Talks in London Set a framework for negotiations and the deal mentioned by Trump seemed to formalize this agreement, which the stage for Besented comments on Friday.
China has not announced any new agreements, but it announced at the beginning of this week that it was approved by exports from accelerated Rare earthsMaterials used in high-tech products such as electric vehicles. Beijing’s borders for the exports of rare earths were an important point of dispute.
The Chinese Ministry of Commerce announced on Thursday that Beijing accelerated the review of export license applications for rare earths and approved “a certain number of compliant applications”.
China does not remove export control restrictions for rare earth, but maintains flexibility to choose or remove the approval process if necessary. The rare earth products have been added to the control list, which was written by a Chinese law that applies to all exports worldwide, not only for those who are served for the US market
The export controls of the minerals in the recent round of trade negotiations between Beijing and Washington, after China enabled the requirements of seven rare elements in April that threaten the production of cars, robots, wind turbines and other high-tech products in the USA and all over the world, apparently in the recent trade negotiations between Beijing and Washington in the shade.
China has also taken steps recently The fentanyl problemAnnounced last week that two other substances are called precursor chemicals for fentanyl, which means that they are subject to production, transport and export regulations. Trump has demanded that Beijing contribute more to stop the river of such forerunner ingredients to Mexican drug cartels, with which she is for sale fentanyl in the USA. He has imposed 20% tariffs for Chinese imports on the fentanyl question, the majority of the current 30% of the taxes on the board of Chinese goods.
The agreement made in Geneva in May called for both sides to scale back Penal duties Imposed when Trump escalated his trade war and sharply increased the import duties. Some higher tariffs like you, the Washington in connection with the trade in fentanyl and the duties of aluminum and steel in connection with trade in connection with trade.
The rapidly changing guidelines put a strain on the two largest economies in the world.
The The US economy has merged with 0.5% Annual pace from January to March, partly because imports stormed as companies and households to buy foreign goods before Trump could Cut in tariffs on them.
In China, the factory gains fell more than 9%compared to the previous year in May, with the car manufacturers having a large proportion of this decline. In January May they fell by more than 1% compared to the previous year.
Trump and other US officials have stated that they expect to achieve trade agreements with many other countries, including India.
“We will complete after dealing after deal,” said Lutnick.
