Washington: The United States and China have reached an understanding to accelerate rare earth exports to the United States, according to a White House official.
The manager said the two parties agreed with a commercial executive during recent talks, aimed at mitigating tensions and improving key material cooperation.
After interviews in Geneva in May, Washington and Beijing agreed to temporarily reduce the tight-for-tray prices on the products of the other. China also undertook to soften certain non-pricing countermeasures, but the US officials then accused Beijing of having violated the pact and delaying the approvals of export license for the rare earths.
The two parties finally agreed with a framework to advance the consensus of Geneva after discussions in London this month.
On Thursday, an official of the White House told AFP that the administration of President Donald Trump and China “accepted an additional understanding of a framework to implement the Geneva Agreement”.
This clarification came after Trump told an event that Washington had “just signed” an agreement relating to trade with China, without offering additional details.
Asked about Trump’s remarks on Bloomberg TV, US trade secretary Howard Lunick referred to London negotiations, claiming that the framework agreement – which required higher level approval – had now been “signed and sealed”.
Thursday, separately, the White House also said that Washington could extend a deadline in July when higher prices affecting dozens of savings should take effect.
While Trump imposed a 10% levy on most of the business partners this year, he had revealed – then stopped – higher rates on dozens of savings during current talks.
This break should expire on July 9.
When asked if he planned to extend the break, press secretary Karoline Leavitt told journalists: “Maybe it could be extended, but this is a decision to make for the president.”
“The deadline is not critical,” she said. “The president can simply provide these countries with an agreement if they refuse to make us one on the deadline.”
This means that Trump can “choose a reciprocal rate rate which, according to him, is advantageous for the United States,” she added.
Lutnick told Bloomberg TV that Washington would announce certain offers in next week.
“Those who have agreements will have agreements, and all those who have negotiated with us, they will get a response from us,” he said.
“July 9 will go forward. And as the president said, if people want to come back and negotiate more, they are entitled, but this rate rate will be set, and we will go,” added Libnick.
On the progress of commercial negotiations, Leavitt said that the American representative of trade Jamieson Greer “works very hard” and had “good productive discussions with many of our main business partners”.
