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Top officials from America and China held a meeting in London.
A framework has been agreed to pursue the trade after a conversation between the US and China on June 9-10 in London. The dialogue took place to resolve the tariff dispute between the two countries.
American Commerce Secretary Howard Lutnik said on Tuesday that this consent would solve the problems related to rare economies and magnets. He said that this framework strengthens the agreement in Geneva last month.
Lutnik said that there was also talk of removing some American export restriction in this agreement. “We will take this framework to President Trump and implement it after his approval,” he said. On the other hand, China will put it in front of President Xi Jinping.
US Treasury Secretary Scott Besant and Chinese Deputy Prime Minister Hey Lifeng were photographed and shaken hands during a discussion at Lancaster House in London on 9 June.
America hopes to get meaning minerals from this deal
This framework is very important for America. With this deal, America can get rare economy minerals, which are used for electronics, electric vehicles and safety equipment.
This framework is not final yet. Before implementing this, both countries will take approval of their leaders. The US will put it in front of President Trump, and China will present it to President Xi Jinping.
If any one also rejected it, this process can stop again. The long -standing trade war between the US and China affected the global supply chain. This agreement can improve it.
America and China announced tariff cuts
Earlier, a trade deal was agreed between the US and China on May 11 in Geneva. Both countries announced a 115% reduction in tariffs.
According to the agreement between the two countries in Geneva, the US will impose 30% tariffs on Chinese goods. China will impose 10% tariffs on American goods. This cut in tariffs between the two countries was currently for 90 days.
US officials had said- good deal to reduce this deficit
The White House announced a trade agreement with China in a statement on 11 May. However, the White House did not give its details then.
US officials had described it as a deal to reduce trade deficit, while Chinese officials said that the two sides had a significant consent and agreed to start a fresh economic negotiations.
Last month, Trump imposed 145% tariffs on Chinese goods, instead of China also imposed a tariff of up to 125% on American goods. Due to which the $ 600 billion trade between the world’s two largest economies was almost stopped.
What are rare meanings minerals?
- Rare Earth Elements are a total of 17, including minerals such as lanthanem, neodium, prasiodium. They look like common minerals in appearance, but they have special magnetic and electronic properties that make them necessary for technical products.
- They are called “rare” (rare), they are found inside the earth. Also, removing them and their purification process is quite complex and expensive.
- Rare Earth Minerals is used in many modern techniques and industry. These include electronics (smartphones, laptops, and TVs), electric vehicles, wind turbines, solar panels and batteries.
- China Rare Earth is the world’s largest producer of minerals. It controls about 60–70% of the global supply. By 2023, China invested heavily in its mining and purification process.
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