Fresh Take on the Renewed Trade Talks: USA-China Standoff Eases, Framework Agreement Underway
Ongoing trade talks between China and the U.S. continue to unfold, with both nations seeking resolution to their trade disagreement. - Fresh talks initiated in the customs dispute between U.S. and China
Get ready for a new chapter in the on-going trade saga between the US and China! The gladiators of global commerce are back spin-kicking the elephant in the room!
- 💼 Trade Negotiations - Round 3.0
- 🌏 China - the Dragon, USA - the Eagle
After slapping each other with a whopping 145% tariffs in April, China hit back hard with some high-stakes retaliatory moves. Fast-forward to mid-May, and both nations agreed to dial down the heat during their powwow in Geneva. Things took a turn this week as the US Prez, Donald Trump, chatted up China’s top dog, Xi Jinping, marking his first official call of the new term.
👀 Here’s what’s brewing in the background:
- The Framework Deal: After some intense, late-night tussles in London, US and Chinese trade emissaries thumbs-upped a "framework pact" aiming to take the edge off the trade sparring. This baby was hatched from earlier scrambles in Geneva, Switzerland.
- Tariff Temperature: Trump outlined plans to keep US tariffs hovering around 55% on Chinese wares, while China decided to keep its own tariffs on US imports at about 10%. However, both sides have yet to bottle-up this deal with a final seal of approval.
- The Rare Earths Race: Trump dropped a hint that China would be doling out the necessary rare earths, a cherry ingredient in many high-tech goods. China's Commerce Ministry hinted that rare earth export licenses would go to those with "genuine needs."
- Study Buddies, Again: The agreement also kicks the door open for more Chinese students to join US colleges and unis – a pet project of Trump.
- The Final Hurrah: The framework remains a work-in-progress, awaiting the green light from Trump and Xi Jinping. Once both combatants raise their anchors, the agreement will go live.
While there aren't any updates about Trump calling up Xi Jinping post the announcement, the limelight is on ramming through formal confirmation from both parties to ink this deal. So, check back soon for more updates – the rollercoaster ride of US-China trade war isn't over yet! 🎢🎡🎠
The Commission, given the recent progress in the US-China trade talks, has decided to initiate a new round of negotiations on the new customs procedure between the United States and China. This development falls under the category of policy-and-legislation and is a significant move in the ongoing politics of global trade. Keep an eye out for general news updates as these negotiations continue.
