US President Donald Trump announced on Wednesday that a agreement with China has been reached after two days of talks in London, indicating a change in the trade war between the two major economies.
Trump wrote on his social media platform Truth Social, “We have reached a compromise with China, which is subject to the final approval with President Xi (Jinping) and me.”
Their post came after the two -day dialogue ended in London between the two sides talk teams, where they agreed to resolve their business disputes.
Trump said, “The supply of full magnets and essential soil elements will be done by China in the beginning. Similarly, we will provide all to China that was agreed, including Chinese students using our colleges and universities (which has always been good for me!)
He said, “We are getting a total of 55 percent tariffs, while China is 10 percent. Relations are very good! Thank you for focusing on this matter.”
He said, “President Xi and I will work together to open China for American trade. It will be a big win for both countries !!!”
The London talks focused on making consent between the two sides to resume rare earth metals by China, which are the major elements essential for the manufacture of mobile phones, semiconductor and missiles besides automobile production. After the talks, US Commerce Secretary Howard Lutnik said that the agreement between the two countries resulted in the end of the ban on rare earth minerals and magnets.
While China banned the export of rare soil products, the US banned Beijing’s reach to American goods such as semiconductor and other related technologies associated with artificial intelligence (AI).
According to the BBC report, Lutnik told the media, “We have reached a framework to implement Geneva consent.”
He said, “Once the President approves it, we will try to implement it.”
Rare soils are a group of metals made of 17 elements. Although they are present in many countries, their extraction is expensive and disturbed, causing huge amounts of pollution. According to the International Energy Agency, China has 61 percent stake in rare soil production derived from global mining, but China has 92 percent control in global production.
Prior to the talks with the US, China on Saturday approved a certain number of export license applications for rare soil-related metals.
