Following two days of trade negotiation in London, China and the United States on Wednesday, have agreed upon a trade framework. Under the new trade deal, the United States will get magnets and rare earth minerals from China, and in return, Chinese nationals will be allowed to study in American colleges and universities, President Donald Trump said on Wednesday.
Moreover, as per the new deal, tariffs on Chinese goods will rise to 55 per cent from the 30 per cent levy that was settled in Switzerland during talks in May. According to Reuters, this new tariff encompasses a 10 per cent baseline "reciprocal" tariff, a 20 per cent tariff for fentanyl trafficking and a 25 per cent tariff reflecting pre-existing tariffs. China, in turn, would charge a 10 per cent tariff on US imports.
"FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!)," Trump posted on Truth Social.
"WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!", he further added. However, the US President also said that the deal is subject to final approval by him and President Xi Jinping.
Li Chenggang - China바카라s trade negotiator - said the agreement lays out specific measures to carry out the understandings reached during the June 5 phone conversation between the two countries' leaders, as well as their meeting in Geneva last month.
US Commerce Secretary Howard Lutnick also acknowledged the progress achieved in the trade talks. He called the fresh developments an important 바카라first step바카라, adding that resolving tensions between the two countries is important, as per media reports.
Earlier, China imposed limitations on exports of key minerals, prompting the Trump administration to retaliate with its own export controls. These included restrictions on the export of semiconductor design software, aircraft, and other sensitive goods to China.
According to the Associated Press, the deal on key elements came after an international rights group said that several global brands are at risk of using forced labour through their Chinese supply chains because they use critical minerals or buy minerals-based products sourced from the far-western Xinjiang region of China.
The report by the Netherlands-based Global Rights Compliance says companies including Avon, Walmart, Nescafe, Coca-Cola and Sherwin-Williams may be linked to titanium sourced from Xinjiang, where rights groups allege the Chinese government runs coercive labor practices targeting predominantly Muslim Uyghurs and other Turkic minorities.
