U.S. and China Strike Deal to Resume Rare Earth Shipments Amid Trade War
The United States and China have reached a framework agreement to expedite the shipment of rare earth minerals to the U.S., easing trade tensions. This understanding will see China lift certain non-tariff countermeasures, following retaliations over U.S. tariffs, to resume critical supplies for various industries.
The United States has reportedly reached an important understanding with China, aimed at expediting shipments of rare earth minerals, according to a White House official. This development is a key step in resolving trade tensions between the two largest global economies.
In May's Geneva trade talks, China agreed to withdraw non-tariff measures that have hindered U.S. imports since April 2, despite some obstacles in the rollback process. Alongside resumed exports, this agreement provides a framework for implementing the Geneva accord.
The deal also involves China's commitment to supply magnets and other rare earth resources, crucial for industries ranging from automotive to military. In response, the U.S. plans to remove its countermeasures, including restrictions on semiconductor design software and aircraft exports to China.
(With inputs from agencies.)
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