Finally China confirmed Friday that it reached a commercial agreement reached with the United States. Thus, he said that while Washington will eliminate a series of “restrictive measures”, Beijing “will review and approve” articles subjected to export controls.
One of Washington’s main priorities in the conversations with Beijing was guarantee rare earth supply, key metals to make electric batteries, wind turbines and defense systems. What happened is that China, which controls most of the world’s rare earth extraction, began to demand export licenses in early April.
The measure was interpreted as a response to tariffs imposed by US President Donald Trump. The two largest economies in the world agreed in May, after conversations in Geneva, temporarily reduce the high rates that apply each other to their products.
China also promised to soften some non -tariff countermeasures, but officials Americans subsequently accused Beijing of violating the pact and slowing down the approval of rare earth export licenses. Both parties finally agreed A frame to advance in your Geneva consensus After conversations held this month in London.
A White House official said Thursday to The Trump and China government “agreed an additional understanding for the framework of the Geneva Agreement.” This clarification occurred after Trump affirmed in an act that Washington had just “signed” an agreement related to commerce with China, without giving more details.
Beijing confirmed on Friday that an agreement was reached
“The United States and China are expected to be halfway”said a spokesman for the Ministry of Commerce of Beijing in a statement. Both parties “confirmed the details of the frame,” he added. According to the agreement, China “will review and approve the export control requests that meet the requirements in accordance with the law.”
“The American part will consequently cancel a series of restrictive measures against China”the Ministry of Commerce of the Asian Giant stressed.
Extension of the term tariffs?
On Thursday, the White House also indicated that Washington could postpone the July deadline for the entry into force of tariffs higher to imports from dozens of countries.
Trump imposed a 10% tariff on most of its commercial partners. But he also announced higher rates to dozens of economies while reaching an agreement, although he finally suspended this decision. The deadline expires on July 9.
“Maybe it can be extended, but that is a decision that corresponds to the president”spokeswoman Karoline Leavitt declared journalists when asked if the moratorium in the highest tariffs announced in April is planned to prolong.
“The president can simply offer these countries an agreement if they refuse to propose one before the deadline,” Leavitt added. This means that Trump can “choose a reciprocal tariff rate that considers the United States advantage,” he said.
Most of Asia and Europe’s bags rose on Friday in the hope of a postponement.
Source: Ambito
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