President Donald Trump said the United States and China signed a deal on trade, adding that he expected a deal with India soon.
Commerce Secretary Howard Lutnick told Bloomberg TV The deal was signed earlier this week. Neither Lutnick nor Trump provided any details about the agreement.
“We just signed with China a few days ago,” Trump said Thursday night.
Lutnik said the deal was “signed and concluded” two days ago.
This is after preliminary negotiations in Geneva in early May, which has delayed both sides’ large-scale speeches Tariff hiking Threat to freeze a large amount of trade between the two countries. after Talks in London Setting the framework for negotiations, the deal Trump mentioned appears to formalize the deal.
“The president likes to complete these transactions by himself. He is a trader. We will be in the event of a deal once it is reached,” Lutnik said.
China has not announced any new agreements, but announced earlier this week that it is speeding up approval of exports Rare Earthmaterials used in high-tech products such as electric vehicles. Beijing’s restrictions on rare earth exports have always been a key point in the debate.
China’s Ministry of Commerce said on Thursday that Beijing is speeding up review of rare earth export license applications and approved “a certain number of compliance applications.”
With China placing demands on seven rare earth elements in April, export controls for minerals are clearly overshadowed in the latest trade talks between Beijing and Washington, a demand for seven rare earth elements in April that threatens to undermine the production of cars, robots, wind turbines and other high-tech products in the United States and around the world.
The agreement reached in Geneva in May, requiring both parties to reduce Punitive tariff hikes He was imposed when Trump escalated his trade war and drastically increased his import duties. Some higher tariffs, such as Washington’s duties on fentanyl trade and aluminum and steel, remain.
The rapid shifting policy is causing losses to the two largest economies in the world.
this The U.S. economy signs at 0.5% The annual rate from January to March is partly because Trump can only buy foreign goods as companies and families are eager to buy foreign goods. Impose tariffs on them.
In China, factories have seen a big drop in profits from more than 9% in early May last year. They fell by more than 1% between January and May.
Trump and other U.S. officials said they expect to reach trade agreements with many other countries, including India.
“We will have another deal after the deal,” Lutnik said.
