The US and China negotiated tariff reductions in Geneva, agreeing to cut tariffs by 115 percentage points and a 90-day timeline to stabilize trade relations. However, tensions rose when the US accused China of not adhering to its commitments regarding rare earth exports, critical for various industries. Talks took place in London, amid claims from both parties of agreement violations, including US restrictions on technology exports and China's slowing approval of necessary trade licenses. The situation is complicated by elevated tariffs impacting trade dynamics directly.
The high level of mutual tariffs had amounted to an effective embargo on bilateral trade, prompting urgent negotiations to address trade imbalances and restrictions.
Beijing has accused the US of 'seriously violating' the Geneva agreement after it announced new restrictions on sales of chip design software to Chinese companies.
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