The United States will maintain high tariffs on Chinese products, said President Donald Trump, on Wednesday morning, promoting a preliminary commercial agreement that he and his Chinese counterpart, Xi Jinping, must approve.
China will supply minerals and rare earth magnets “in advance,” Trump said in a publication about his real social platform, although he did not clarify the exact terms. Trump also said that “we are obtaining a total of 55% of rates, China is getting 10%” without explaining more.
A White House official told NBC News that the 55% figure is not new, since it reflects the 30% rates that Trump has implemented this year in addition to pre -existing tasks for a total of 25%.
The announcement of the president occurred in the morning after US officials and high -level Chinese finished two days of negotiations in London who were destined to obtain a commercial truce, originally negotiated in Geneva last month, back.
Trump’s publication also went beyond what the Secretary of Commerce Howard Lutnick, one of the main US negotiators in London, said about the outcome of the negotiations.
“We have reached a frame to implement the consensus of Geneva and the call between the two presidents,” Lutnick told journalists on Tuesday night. “I think we have the two largest economies in the world have reached a handshake for a frame.”
Trump added in a subsequent social publication that “President XI and I are going to work in close collaboration to open China to US trade.” American negotiators on Tuesday night did not announce any important modification to access to the Chinese market for US companies after the conclusion of conversations.
In addition, the United States commercial representative Jamieson Greer said there were no more planned meetings with Chinese officials. Lutnick and Greer also did not commit to launching the “frame” agreed in London.
Chinese officials, in the same way, said the two parties agreed in principle a consensus with respect to the Geneva Agreement, but did not provide any specific detail.
The conversations in London occurred after the United States and China were accused of violating a pact achieved in early May, which led both countries to reduce tariffs by 115%. Part of that agreement was to relieve export restrictions on rare land minerals and metals that are critical for everyday products such as batteries and car production.
The United States repeatedly said that China was raising those restrictions more slowly than I expected.
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