U.S. and China Reach Breakthrough on Rare Earth Shipments
The United States and China have reached an understanding to expedite rare earth shipments to the U.S., indicating progress in the trade war. China has agreed to remove countermeasures imposed since April, in exchange for the U.S. lifting its retaliatory measures, promising a framework for future trade cooperation.
The United States and China have achieved a significant understanding aimed at expediting rare earth shipments to the U.S., according to a White House official. This development comes as part of ongoing negotiations to mitigate the impact of the trade war between the two largest global economies.
In discussions held in May in Geneva, China agreed to eliminate non-tariff countermeasures first implemented on April 2. These measures were part of China's response to tariffs imposed by the administration of U.S. President Donald Trump.
Commerce Secretary Howard Lutnick affirmed China's commitment to deliver rare earths to the U.S., following which the American administration plans to rescind its own countermeasures. The Chinese embassy has not yet commented on this recent agreement.
(With inputs from agencies.)
ALSO READ
Inflation and Tariffs: Navigating the Rising Cost Landscape
UK Economy Faces Turbulence Amid Tariffs and Inflation
Shockwaves in Britain's Economy: Tariffs Hit Hard
Britain's Economic Slowdown: The Ripple Effect of U.S. Tariffs and Tax Changes
China Pledges Zero Tariffs for African Nations: A New Dawn for Trade
Google News