Donald Trump stated that the U.S. has reached a trade agreement with China after just 48 hours of negotiations between the nations.
On Wednesday, the U.S. President disclosed the accord via a social media update, stating that it must now gain endorsement from China’s leader, Xi Jinping.
He stated that the heads of the globe’s two biggest economic powers were “set to collaborate closely to expand access for American goods into the Chinese market,” which would result in “a significant victory for both nations.”
Under the agreement, Mr. Trump stated that the U.S. would permit Chinese students to enroll in American colleges and universities, further noting that relations between Beijing and Washington were “very good.”
As a result, the US would receive
access to magnetic substances and uncommon earth elements
From China, which are essential for producing green technologies like wind turbines and electric vehicles.
Mr. Trump shared on his Truth Social platform: “We have finalized our agreement with China, pending ultimate approval from both President Xi and myself.”
Complete sets of magnets along with any required rare earth elements will be provided upfront by China.
Similarly, we will deliver to China what was promised, which includes allowing Chinese students to use our colleges and universities (something I have always supported).
“We are getting
In total, 55% of the tariffs apply, with China receiving 10%.
. Relationship is excellent.”
In another posting, he stated: “Along with the details from the meeting in China, President Xi and I will collaborate intensively to make Chinese markets more accessible for American goods. It could turn out to be a significant victory for both nations.”
Mr. Trump’s posts were made shortly after Howard Lutnick, the U.S. commerce secretary, stated that both parties had reached a “framework” aimed at getting their trade relationship back on course.
The two parties have until August 10 to work out a more detailed accord.
ease trade tensions
, or U.S. tariffs on China would revert from approximately 30% to 145%, while China’s duties on American goods would rise from 10% to 125%.
High-ranking representatives from Washington and Beijing convened in London following mutual allegations that each side had breached the conditions of a trade agreement reached in Switzerland the previous month.
Last week, Messrs. Trump and Xi conducted a phone conversation that Mr. Lutnick noted “provided the essential groundwork enabling us to seal an accord.”
Prior to Mr. Trump’s post on Wednesday, Mr. Lutnick had stated, “We have come up with an agreement to put into action the Geneva Consensus and the conference between the two presidents.”
The plan is to revisit President Trump and confirm his approval.
They will return and converse with him.
President Xi
And ensure he gives his approval, and once that is granted, we will proceed with implementing the framework.”
On Wednesday later in the day, Karoline Leavitt, who serves as the White House press secretary, stated: “The president found what he heard to be agreeable.”
China has consented to opening their markets independently of this particular deal. Regarding this specific agreement, we’re reverting to the conditions set forth in Geneva concerning the supply of certain critical minerals and magnets from China to the U.S., and both parties have committed to adhering completely to the terms established in Geneva.
“The president is reviewing the details of that with his trade team now and you’ll hear more from him, I’m sure.”
During an independent meeting, Li Chenggang, who serves as the vice-commerce minister of China, mentioned that they had essentially agreed upon a trade framework. He stated this agreement would now be presented to both American and Chinese leadership for further consideration.
In the meantime, the European Union apparently thinks it might prolong its trade talks with the U.S. past the original deadline set for next month.
The European Union believes that there might be room for additional discussions if they can reach an agreement in principle by July 9th, which is seen as their most optimistic outcome, Bloomberg reports.
The Trump administration plans to impose 50% tariffs on European Union products after this deadline, unless an agreement is made.
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