China and the United States have already agreed with the terms of the agreement sealed in the last round of negotiations, held in London, and Beijing “will revise and approve” exports of restricted goods, such as the rare lands, the country’s Ministry of Commerce said on Friday (27).
“After negotiations in London, teams from China and USA maintained close communication. Recently, with approval, both parties confirmed the details of the agreement,” said a spokesman for the institution in a statement on the folder’s official page.
The document signals that “China will revise and approve the export requests of controlled goods that meet the requirements according to the law”, in an apparent reference to rare lands, essential minerals for sectors such as defense and automotive industry, whose production is controlled by the XI jinping regime, which imposed restrictions on its sale abroad in early April.
In return, the Ministry of Commerce reported that “the United States agreed to cancel a series of restrictive measures that took against China” without offering details about it.
“The US and China is expected to find a middle ground and meet the important consensus and requirements achieved by heads of state last June 5,” the statement points out, in reference to the connection between US President Donald Trump, and dictator XI Jinping, who unveiled the situation and allowed commercial representatives of both powers to meet in London.
Thus, China confirms the statements Trump made the day before, in which he revealed that Washington concluded the deal with China a day earlier, although also without offering details about it.
Apparent progress in the rare land issue is an important way for countries to reach consensus on deeper economic affairs that have caused friction between the parties.
What Trump and Xi woke up in June
In mid -June, after the two days of negotiations in the British capital, President Donald Trump indicated that the Beijing agreement includes a 55% American rate on Chinese products and a 10% of US goods.
The London agreement supposed the establishment of a work structure that implemented the “consensus” achieved by Xi and Trump in the aforementioned connection, although it was pending precisely from the definitive approval of both leaders for their signature.
This round of negotiations sought to reduce the request between both powers after accusing each other’s non -compliance with the agreement reached in Geneva (Switzerland) in May, which began a 90 -day commercial truce that would reduce from 125% to 10% its US products tariffs, while the US would do the same from 145% to 30% for Chinese goods.
China had denounced that the US disregarded this respite by restricting the export of artificial intelligence chips (IA), suspending sales of semiconductor design software, and threatening to revoke visits to Chinese students, while Washington considered that Beijing did not honor the covenant for such limits to rare land exports.
After his return to the White House, Trump intensified the trade war he had started in 2018 by starting a tariff climb against China that translated into practice in a kind of commercial embargo between the two largest economic powers in the world.
