Leading trade representatives from the US and China plan to hold new talks in London on Monday, June 9. This gives hope that the world's two largest economies will be able to defuse tensions over China's dominance in the rare earth minerals industry, UNN reports with reference to Bloomberg.
Details
According to the edition, in London, US Treasury Secretary Scott Bessent, Minister of Trade Howard Lytnyk, and US Trade Representative Jamison Greer will meet with a Chinese delegation headed by Vice Premier He Lifeng.
Earlier, China said it had approved several applications for the export of rare earth metals, without specifying which countries or industries were involved. This came after Trump said on Friday, June 6, that Chinese President Xi Jinping had agreed to resume supplies of minerals and magnets using these materials.
We want rare earth elements, magnets, which are crucial for cell phones and everything else, to work the same way they did before early April, and we don't want any technical details to slow this down
It is noted that both sides accused each other of abandoning the agreement in Geneva in May this year, where they tried to start curtailing their trade war. Relations deteriorated after President Donald Trump's return to the White House, which increased uncertainty for companies and investors.
According to the publication, Trump's delay in US duties on Chinese goods expires in August, unless he decides to extend it. The White House said that if an agreement is not reached, Trump plans to restore tariff rates to the levels he first announced in April, or lower values that exceed the current base level of 10%.
The US and China "just want to go back to what they had in Switzerland, get a few more deals on paper to really understand what will be licensed, what will be allowed and what won't," said Josh Lipsky, head of international economics at the Atlantic Council.
Let us remind you
Chinese President agreed to allow the supply of rare earth minerals and magnets to the United States. This may reduce tensions in trade relations between the countries.
United States President Donald Trump announced that a meeting of American representatives with a Chinese delegation on a trade agreement will take place on June 9 in London.