Straight Talkin' About the Latest Trade Negotiation Between the USA and China
Ongoing negotiations in the trade dispute between America and China - Ongoing talks in the trade conflict between the USA and China regarding customs duties
Hey there! Buckle up, we're diving into the latest round of trade negotiations between the USA and China.
This time around, Trump's slapped a whopping 145% tariffs on China since the start of April, and China's retaliated with some hefty tariffs of their own. But thanks to some talks in Geneva mid-May, they agreed to scale those tariffs back for a cool 90 days to give negotiations a chance.
And just the other day, Trump had his inaugural call with Chinese President Xi Jinping during his second term. Exciting stuff, huh?
The Nitty-Gritty of the Deal
In case you're curious, the negotiations in London culminated in what they're calling a "framework deal." This baby aims to ease the tension between the world's economic heavyweights. And here's a quick rundown of the key points from the negotiations:
The Framework Deal
The US and Chinese trade teams crunched some numbers in London for a couple of days, ultimately agreeing on a framework to tackle trade issues. However, this agreement needs the rubber stamp of approval from neither less than President Donald Trump and Xi Jinping himself.
Tariff Structure
According to President Trump, China will keep their current 10% tariffs on US goods while the US will continue to impose 55% tariffs on Chinese imports.
Rare Earths and Semiconductors
In a move that might pique your interest, China will shuffle out export licenses for rare earths based on "reasonable needs," with any compliant applications already given the green light[1][2].
Next Steps
The agreement is being referred to as a "handshake for a framework," indicating that both leaders must give it the thumbs up for it to go live[1]. Once approved, the deal's implementation starts rolling[1].
Trump and Xi Jinping's Convo
Unfortunately, there's no direct quote from the conversation between Trump and Xi Jinping regarding the recent negotiations. But President Trump did confirm that the deal is "done, subject to final approval" by both leaders[1][2]. So, it's safe to assume that these two will need to have a heart-to-heart and nail down the final details before the framework can become a reality.
China's Response
China's Ministry of Commerce isn't jumping for joy just yet. They played it cool, describing the outcome as a framework that consolidates previous agreements, highlighting new progress made in tackling trade concerns[1]. So, it seems they're blowing off some steam before signing on the dotted line.
- The Commission, with an intent to shape policy and legislation in the realm of politics and general news, has decided to initiate a new round of negotiations on the new customs procedure between the United States and China.
- This development regarding the trade negotiations between the USA and China, as included in the discussion on policy and legislation, serves as a significant update within the broader context of national and international politics.
