US-China Trade Talks Resume: A New Step Forward?
US trade talks with China set for Tuesday resumption - U.S.-China custom dispute dialogues persist on Tuesday
Here's the latest scoop on the US-China trade talks! The negotiating tables will be set once again on Tuesday, with Vice Premier He Lifeng leading China's delegation. Accompanying him are Commerce Minister Wang Wentao and China's international trade representative, kind of like the Avengers of Chinese economics. Opposite them will stand Scott Bessent and Howard Lutnick, the Secretaries of Treasury and Commerce, respectively, joined by Jamieson Greer, Trump's trade representative.
You might remember that back in April, Trump piled on hefty tariffs of a whopping 145% on China. In response, China retaliated with equally hefty tariffs of their own. Fast forward to mid-May, both countries got together for talks in Geneva and decided to take a breather on those hefty tariffs for a initial 90-day pause, aiming to smooth things over before deepening negotiations. Last Thursday, Trump had his first call with China's President Xi Jinping since the start of his new term.
- Trade Dispute
- China
- USA
- AFP
- Negotiations
- Donald Trump
- London
Now, here's a bit of extra insight: The current state of the US-China trade negotiations indicates a tentative progress, with a 'framework' agreement in place following the London talks. This framework serves as a stepping stone towards a more comprehensive deal, but it needs final sign-offs from both U.S. President Donald Trump and Chinese President Xi Jinping.
As per the framework, the U.S. will keep its tariffs hovering around 55% on Chinese imports, while China will maintain tariffs on U.S. goods at a reasonable 10%. This is a substantial reduction from the steep tariffs Trump had initially imposed. Furthermore, China has agreed to issue export licenses for rare earths based on 'reasonable needs,' which may allow for the supply of rare earths and full magnets to the U.S.
One thing to note is that, while Trump described the deal as a done deal (pending final approval), China's Ministry of Commerce has yet to confirm the terms or President Xi's intention to sign off. Once the deal gets the green light, it's anticipated that implementation will commence. But remember, this is just the latest update in a long, winding story. Keep an eye on the news for more developments!
The Commission, in light of the ongoing US-China trade negotiations and the proposed deal, might decide to initiate a discussion on the political implications and broader general-news ramifications in the EU, following Article 93 (2) of the Treaty. This potential conversation could focus on the impact of the trade dispute, US tariffs on Chinese imports, and China's agreement to issue export licenses for rare earths.
