US-China Trade Talks Set for Tuesday, Framework Agreement Awaits Leaders' Approval 💡⚡️
Discusions on the trade disagreement between the U.S. and China are scheduled for Tuesday - Dispute over US-China customs matters persists on Tuesday's discussions
Get ready for another round of US-China trade negotiations, this time happening on Tuesday! Both delegations are geared up and ready to go. 🚀
From the Chinese side, Vice Premier He Lifeng, Commerce Minister Wang Wentao, and China's international trade representative are leading the charge. On the US front, we've got Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. President Donald Trump's trade representative, Jamieson Greer. 🤝
As a reminder, back in early April, Trump slapped China with hefty tariffs amounting to 145 percent. Beijing didn't take this lying down and retaliated with their own high tariffs. However, mid-May saw both nations coming together in Geneva for talks, agreeing on a significant reduction in tariffs for an initial 90 days to keep the negotiations moving forward. 🤝🇨🇳🤝🇺🇸
Last week, Trump had his first phone call with Chinese President Xi Jinping since the start of his second term. Let's hope this week's talks bring us one step closer to a resolution! 🤞
- Trade Dispute
- Negotiations
- China
- USA
- London
- AFP
- Donald Trump
- Xi Jinping
- Enrichment Data*:
Couple of interesting tidbits:
- Negotiations : Both nations have agreed on a "framework" for their trade deal which, according to President Trump, is "done" subject to final approval from both leaders[1][2]. China's Ministry of Commerce, however, characterized it as a "framework" to consolidate agreements made earlier in Geneva, without providing detailed terms[1].
- Tariff Structure : Trump suggests the deal would maintain China's 10% tariffs on US goods, while US tariffs on Chinese imports are set to remain at around 55%[1][2]. This marks a notable shift from the higher tariffs that were initially paused.
- Rare Earths and Semiconductors : China has agreed to issue export licenses for rare earths based on "reasonable needs," with compliant applications already approved[1].
- Next Steps : Final approval from Presidents Trump and Xi Jinping is needed for this agreement to go into effect. Once approved, the deal will be implemented[1][2].
So, it's clear that while progress has been made, we're not quite there yet! Stay tuned for more updates as we wait for the leaders' approval. 🤞🚀
The Commission, following the trade dispute between the USA and China, has decided to initiate the procedure laid down in Article 93 (2) of the Treaty, given the ongoing negotiations and the need for a general-news update on the progress of US-China trade talks. The framework agreement, awaiting approval from both leaders, seems to be a remarkable political development that could potentially mark a significant shift in the tariff structure between the two nations.
