Trump Says U.S.-China Signed Trade-Related Deal, Chinese Stocks Jump
Chinese stocks are getting a lift in Thursday's after hours trading session after President Trump said that the U.S. signed a trade-related deal with China. Speaking at a White House megabill promotion event, Trump added that the deal was signed on Wednesday but did not provide any further details.
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The deal could potentially involve more U.S. exports to China, a plan of action previously hinted at by Trump. In addition, export curbs on both sides could be eased.
China Continues to Limit Rare Earth Exports
Earlier this month, the two sides agreed to a framework agreement that would result in 55% tariffs on imported Chinese goods while China would tariff imported U.S. goods by 10%. However, China may still be limiting rare earth exports, which are crucial in the production of semiconductors, cars, and planes. That comes despite Beijing promising to ease rare earth curbs as part of the agreement.
Chinese authorities have stalled on approving requests for rare-earth magnets from U.S. companies, according to the Wall Street Journal.
'Yes, the export restrictions have been paused on paper. However, ground reality is completely different,' said Benchmark Mineral Intelligence rare-earth analyst Neha Mukherjee.
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