U.S. tariffs on Chinese goods were lowered from 145% to 30%, restarting shipments of crucial rare earth minerals from China. China currently represents the largest source of tariff revenue. Countermeasures on rare earth magnets were removed and shipments have resumed. The status quo around tariffs and shipments is functioning effectively. Previous talks with China were productive, and additional meetings with Chinese counterparts are anticipated before November. Both sides have expressed strong desire for a meeting between President Trump and Xi Jinping, though no date for such a meeting has been set.
"China is, right now, the biggest revenue line in the tariff income," Bessent said. "If it's not broke, don't fix it. We have had very good talks with China. I imagine we'll be seeing them again before November," he said. "They have started shipping the rare earth magnets, which we agreed to. We had put some countermeasures on them that we've taken off. So I think right now the status quo is working pretty well."
"The original deal lowered U.S. tariffs on Chinese goods to 30% from 145% and restarted the flow of crucial rare earth minerals out of China, per Axios' Courtenay Brown and Ben Berkowitz. Secretary of State Marco Rubio has said there's a "strong desire" on both sides for President Trump and Chinese leader Xi Jinping to hold a meeting, though no date has been set as yet."
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