Let's Dish on the Latest Round of US-China Trade Negotiations
Ongoing trade talks between the United States and China - U.S.-China customs disagreement undergoes fresh negotiation phase
Here's the lowdown on the recent happenings in the US-China trade war saga, following Donald Trump's latest chat with China's bigwigs:
- The London Gossip: Both camps characterized the latest trade negotiations in London as the foundation for building upon agreements made earlier in Geneva. The London get-together marked the kickoff of this new phase, with both sides heralding incremental progress on their respective trade concerns [1][2].
- Trump's Tall Tales vs. Chinese Spin: Former Prez Trump claimed the trade deal is already sealed. All it needs is the final thumbs-up from him and President Xi Jinping, with juicy details like a 55% US tariff on Chinese imports and a 10% Chinese tariff on US goods, not to mention guarantees for precious rare earths and semiconductor supplies. But a China Ministry of Commerce spokesperson didn't exactly hit that same note, casually labeling the outcome as a mere "framework" and urging that further nitty-gritty needs ironing out by both leaders [1][2].
- Tariff Talk: The US currently has a 30% average tariff on Chinese imports, a drop from the earlier 145% before the Geneva parley pushed those sky-high tariffs into a 90-day cool-off period. Meanwhile, China's tariffs on US goods are now down to 10%, a significant dip from the previous 125% [2].
- Trade Terms and Next Steps: Both sides admitted there are some unresolved issues that need the final say-so from Trump and President Xi before they can become official. US Commerce honchos described the agreement as a "handshake for a framework," hinting that the final text is still, well, up for grabs [1][2].
- Rare Earths and Semiconductors: The framework includes a pledge for China to furnish the US with rare earths and semiconductors according to "reasonable needs." China's already stamped "approved" on some applications [1].
On the whole, while Trump fancies a done deal, China sees these recent talks as merely the opening act. They're still waiting for final approval and specifics from the power players [1][2]. So, there you have it — a saucy update on the ongoing US-China trade drama!
The Commission, given the latest US-China trade negotiations, has decided to initiate a new round of policy-and-legislation discussions related to the new customs procedure, a significant aspect of the ongoing politics in general-news. The new round of negotiations, though viewed as a foundation for progress by both parties, still awaits the final say-so from President Trump and President Xi Jinping before any agreement can be considered official, as both sides work towards ironing out the remaining unresolved issues.
