Trump announces initial economic agreement with China
US President Donald Trump announced on Wednesday that he had reached a preliminary agreement with China, under which rare earths will be imported from Beijing.
Trump said that the agreement with China includes the placement of Chinese students in American universities, confirming that his country will receive a total tariff of 55%, while China will receive 10%, according to Sputnik News Agency.
China and the United States recently agreed to completely eliminate tariffs on each other's goods for an initial period of 90 days, a surprising achievement that has boosted global markets.
Under the agreement, the United States will temporarily reduce its tariffs on Chinese goods from 145% to 30%, while China will reduce its tariffs on US imports from 125% to 10%, according to the joint statement.
The Chinese and American sides agreed to establish a mechanism to continue economic and trade talks. The Chinese side will be represented by Vice Premier He Lifeng, while the American side will be represented by Treasury Secretary Scott Besant and Trade Representative Jameson Greer.
The meetings will alternate between China and the United States, or in a third country agreed upon by both sides, with the possibility of holding technical consultations at the working-level on related issues.
The dispute over trade tariffs imposed by US President Donald Trump on China, which reached 145%, and China's retaliation by raising its tariffs on American products by 125%, has sparked warnings of a trade war between the two countries that would have negative repercussions on the global economy.
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