A recent trade deal between the US and China is set to reduce tariffs on Chinese goods from 145 percent to 55 percent, as confirmed by the White House. The agreement, reached after extensive negotiations, includes provisions for China's supply of rare earth elements critical for American industries. This development comes amid concerns regarding the US's dependence on China for these resources. While experts anticipate further tariff reductions, the deal reflects ongoing tensions and intricate trade dynamics between the two global powers. President Trump and Xi Jinping are expected to sign the agreement soon, marking a continuation of dialogue on trade concerns.
The agreement acknowledges China's control of the rare earth market, with plans for China to supply critical minerals to the US, essential for major industries.
Trump's announcement highlights a significant reduction in tariffs from 145 percent to 55 percent on Chinese goods, reflecting evolving trade relations between the US and China.
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