China has agreed to only temporarily lift restrictions on the supply of rare earth metals to the US for a period of 6 months. About this informs The Wall Street Journal.
According to the results of negotiations between Beijing and Washington in London, the restrictions will be lifted only for six months. In the event of a new escalation of relations between China and the USA, Beijing will be able to ban the supply of metals to American companies again.
Under the terms of the new agreement, all current tariff rates remain: Chinese goods supplied to the US remain subject to a 55% tariff, and US goods exported to the PRC remain subject to a 10% tariff. In addition, Trump announced the restoration of the right of Chinese students to study at US colleges and universities.
It will be recalled that last week there was a telephone conversation between Xi Jinping and Trump initiated by the American side. The president’s administration organized talks between the leaders of the United States and China to de-escalate the trade conflict and advance the Geneva agreements.
In mid-May, the parties agreed to cancel additional duties of 115%. Washington has reduced tariffs on Chinese goods to 30%, and Beijing to 10%. This trading regime will be valid for 90 days. On the same day, Trump announced talks with Xi. At the time, he called the relationship between China and the US “very good”, adding that Washington does not “want to hurt” Beijing with its trade policy.
“China was very badly affected. Factories were closing, there was a lot of discontent, and they were very happy to reach an agreement with us.”Trump said then.
