Trade Deal at the Customs Checkpoint: Trump's New Trade Agreement with China is Close
China-U.S. trade agreement remains intact, according to Trump's statement
Looks like the trade war between the States and China might be winding down, with President Trump stating that a deal is imminent. In exchange for the delivery of rare earths, American universities could once again welcome Chinese students. The customs tariff is also part of the deal.
Donald J. Trump declared via his Truth Social platform that the agreement between the two economic giants is egg-close, pending final approval from himself and Chinese Prez Xi Jinping. Trump put it like this: "China's gonna pony up key rare earths and magnets, pronto. American universities can dig Chinese students again. We score 55 percent tariffs, China gets 10 percent. The ratio's ace."
Economy USA-China Trade Framework Agreed Upon It's been made official overnight that the world's number one and two economies have agreed on a framework to bring the agreement hammered out by the heads of state to fruition. The trade dispute between Beijing and Washington has taken a heavy toll on the world economy for months.
Trade advisor Kevin Hassett, in the employ of President Trump, stated that the talks in London this week have shifted away from mutual tariffs and towards Chinese export restrictions for rare earths. In an interview on the CNBC channel, Hassett admitted that the talks were aimed at securing a basic agreement on rare earths. The People's Republic controls roughly 90 percent of the global market for these raw materials and magnetic materials, he said. Trump had previously expressed optimism that China would resume rare earths delivery following a phone call with Xi Jinping last week.
Economy De-escalation in Trade Fight: USA-China Agree on Framework Agreement ## US Trade Talks with EU Might Overrun Deadline
meanwhile, the European Union estimates that its trade talks with the USA could go beyond the June 1st deadline set by Donald Trump, at which point a 50 percent tariff on EU goods would be implemented, according to Bloomberg's unnamed sources. The EU's negotiators hope to reach a basic agreement on the deal's essentials before the deadline to allow time for further discussions, the report states.
Trump has been critical of the EU negotiations' pace and has threatened to impose 50 percent tariffs on imports since June 1st. However, he agreed to delay the tariffs' implementation until July 9th.
Sources: ntv.de, mau/DJ/dpa
- China
- USA
- Rare Earths
- Tariffs
- Xi Jinping
- Donald Trump
- Trade
- Trade Conflicts
- Trade Relations
- The employment policies of both the USA and China might be affected significantly as the new trade agreement could influence the number of Chinese students studying in American universities.
- The community policy involving tariffs between the USA and China is also part of the recently agreed framework, with the USA set to receive 55% tariffs while China gets 10%.
