Trade dispute
China does not give any details about customs agreement with the USA
China agrees with the agreement negotiated in London. US President Trump had already announced a successful agreement. What have both sides agreed on?
According to the agreement on the loosening of export restrictions announced by US President Donald Trump, China is initially covered in the ongoing trade dispute. Both sides have made new progress to solve the concerns about the economy and trade of the other side, said foreign office spokesman Lin Jian in Beijing. The People’s Republic hopes that both sides could work together to implement the consensus found.
Trump already announced agreement
US President Donald Trump had announced an communication between the two sides on his online platform Truth to reduce export restrictions on rare earths. According to him, China undertakes to deliver certain raw materials such as rare earth to the USA. In return, Washington agreed that students from China would continue to be admitted to US universities.
Trump also wrote that there was an agreement in the customs dispute between the world’s two largest economies. The tariffs for imports from China to the USA would be 55 percent. China will impose criminal levies of 10 percent on goods from the United States, Trump said.
Negotiation marathon in London
On Monday and Tuesday, representatives of both countries negotiated on a neutral ground in London. In the afternoon, Beijings and Washington were sent to implement the consensus from the meeting in Geneva in mid -May.
In Switzerland, China and the United States had agreed to reduce their mutual import duties by 115 percentage points each and gave themselves a 90-day break for further negotiations. What exactly is in the agreement of Geneva and the agreement in London is still unclear. US trade minister Howard Lutnick indicated in London that a written version of the pact was not published.
Some observers pointed out that the negotiations did not mean progress, but only a return to the location of a few months ago. In addition, the discussions would have shown how China could use his role as a global main producer of less frequent earth and made-out magnets for concessions during negotiations, it was said in various US media reports.
dpa
Source: Stern
