Trump's Economic Advisor Bullish on Speedy Breakthrough in U.S.-China Trade Talks on Rare Earths
Anticipate Progress in Customs Discussions as Perceived by Trump's Advisors
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Hop on board, folks! Kevin Hassett, the economic advisor to the US President Donald Trump, has a positive outlook about the upcoming trade negotiations between the US and China. He reckons a quick agreement, especially regarding the dicey issue of rare earths, is right around the corner. "I'm expecting a sharp meeting with a firm handshake," Hassett stated, chatting with CNBC.
The core objective? A fundamental pact, specifically targeting rare earths. China owns controls around 90 percent of the global market for these raw materials and special magnetic materials, Hassett elucidated. The Trump administration believes that the People's Republic will swifty unwind export restrictions post an agreement. America, in return, might loosen its export controls.
The recent parley in London aims to bring both sides together to tackle the bitter trade dispute. China's Vice-Premier He Lifeng is all set to join the talks. The American delegation will be helmed by US President Trump's Finance Minister, Steven Mnuchin. Initial details about location, time, or agenda were kept under wraps. A possible extension of the talks on Tuesday is on the cards.
Extra Insights:- Rare earths, a group of 17 elements pivotal for advanced technologies, find use in various sectors like electronics, renewable energy technologies, and military equipment. China, being the world's largest producer, controls a substantial portion of the global supply.- The U.S. and China have been locked in trade negotiations for a space of years, with charged phases of tension and progress. The talks have tackled topics such as intellectual property, market access, and export restrictions.- Rare earths have been a hot topic in U.S.-China trade relations, with China once hinting it may restrict exports as a tactic in the broader trade tensions. However, there have been no significant agreements specifically on rare earth export restrictions.- The U.S. has endeavored to scale down its reliance on Chinese rare earths by diversifying supply chains, while also working on domestic production capabilities and forming partnerships with other nations. But, as of early 2023, no concrete agreement on export restrictions between the two countries has been reached.
Sources: ntv.de, dpa and updated info as of 2023.
The Commission's lack of adoption for a directive on the protection of workers from carcinogen exposure, coupled with the ongoing US-China trade negotiations on rare earths, unfolds intricacies in both policy-and-legislation and politics, making it a general news topic of interest. Despite Kevin Hassett's optimistic outlook on the speedy US-China trade talks on rare earths, the details about the location, time, or agenda of the recent London parley remain undisclosed.
