Latest news with #ChinaDeal
Fox News
3 days ago
- Business
- Fox News
Trump announces China will restart rare earth mineral shipments to US after productive call
President Donald Trump told reporters on Air Force One Friday that Chinese President Xi Jinping had agreed to start sending rare earth minerals to the U.S. after halting the shipments in April. Trump held a gaggle on the presidential jet Friday evening, and one reporter asked him just before landing if Xi had agreed to restart the flow of rare earth minerals and magnets to the U.S. "Yes, he did," Trump replied. "We're very far advanced on the China deal." The news comes about a month and a half after China effectively halted exports of seven precious minerals, vital for assembling cars, robotics and defense systems, to the U.S. in a direct strike on America's manufacturing and defense supply chain. Overseas deliveries of magnets stopped April 4, when new licensing rules took effect, according to The New York Times. Companies are only allowed to export rare earth materials if they obtain special export licenses, which take 45 days to receive. The halt also threatened to undercut Trump's tariff strategy because China produces about 60% of the world's critical mineral supply and processes even more, up to 90%. China's mineral halt to the U.S. Defense Department came after Beijing had already imposed sanctions on multiple U.S. military contractors late last year, according to Reuters. Chinese entities were prohibited from engaging or cooperating with them in response to an arms sale to Taiwan, the outlet reported. Trump and Xi had a lengthy call Thursday amid economic and national security friction regarding trade between the U.S. and China. "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump said Thursday in a Truth Social post. "The call lasted approximately one and a half hours and resulted in a very positive conclusion for both Countries." Trump said the conversation focused mostly on trade. The call came nearly a week after Trump condemned China for violating an initial trade agreement that the U.S. and China hashed out in May and a day after Trump said Xi was "extremely hard to make a deal with" in a Truth Social post.
Reuters
4 days ago
- Business
- Reuters
Trump says China's Xi agreed to restart flow of rare earth minerals
WASHINGTON, June 6 (Reuters) - U.S. President Donald Trump said on Friday that Chinese President Xi Jinping had agreed to restart the flow of rare earth minerals and magnets to the United States. Asked directly by a reporter aboard Air Force One whether Xi had agreed to do so, Trump replied: "Yes, he did." He added: "We're very far advanced on the China deal."
Bloomberg
5 days ago
- Business
- Bloomberg
Ex-Australia PM Says He Could Have Halted Port Lease to Chinese Firm
Former Australian Prime Minister Malcolm Turnbull said he could have halted the lease of the Port of Darwin to a Chinese company shortly after coming to power a decade ago — pulling the plug on a deal the US 'never liked.' The center-right former leader told Bloomberg Television on Thursday that at the time security agencies had assured him there were no concerns about the deal. The Northern Territory government had made the decision to lease the port for 99 years to Landbridge Group shortly after Turnbull took office in September 2015.
Irish Times
11-05-2025
- Business
- Irish Times
US and China announce trade deal in Geneva following high-stakes talks
US treasury secretary Scott Bessent and trade representative Jamieson Greer said on Sunday they reached a deal with China to cut the US trade deficit, describing 'substantial progress' in high-stakes talks with Chinese officials but offering no details as two days of negotiations concluded in Geneva. Mr Bessent told reporters that details would be announced on Monday and that US president Donald Trump was fully aware of the results of the 'productive talks' with Chinese vice-premier He Lifeng and two Chinese vice-ministers. Mr Bessent and Mr Greer did not mention any plans to cut US tariffs of 145 per cent on Chinese goods or China's 125 per cent tariffs on US goods. The US treasury chief has said previously that these duties amount to a trade embargo between the world's two largest economies and need to be 'de-escalated'. Mr Greer described the Geneva meetings' conclusion as 'a deal we struck with our Chinese partners' that will help reduce the $1.2 trillion US global goods trade deficit. READ MORE 'And this was, as the secretary pointed out, a very constructive two days,' Mr Greer said. 'It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.' The meeting was the first face-to-face interaction between senior US and Chinese economic officials since Mr Trump took office and launched a global tariff blitz that started with declaring a national emergency over the US fentanyl crisis, imposing a new 20 per cent tariff on Chinese goods in February. The US president followed with a 34 per cent 'reciprocal' duty on Chinese imports in April, and subsequent rounds pushed the rates into triple digits, bringing nearly $600 billion in two-way trade to a standstill. China had insisted that tariffs be lowered in any talks. Mr Trump said on Friday that an 80 per cent tariff on Chinese goods 'seems right', suggesting for the first time a specific reduction target. [ US-China negotiators prepare to lock horns in first post-tariff meeting Opens in new window ] Mr Greer said there was a lot of groundwork done before the Geneva meetings on Saturday and Sunday, and that the result would address the national emergency that Mr Trump declared over growing US trade deficits. 'We're confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency,' Mr Greer said. – Reuters
