"Despite its brevity, it appears that there was some progress in US-China trade negotiations. But perhaps not quite as much as President Trump had signalled earlier this week. The US and China reached a one-year agreement on rare earths and critical minerals, with Mr Trump claiming the matter was 'settled'. China would resume its purchases of US soyabeans and would 'work very hard to stop fentanyl'. As a result, Washington will cut fentanyl-related tariffs to 10% and lower overall duties on Chinese goods to 47%."
"The two sides also announced that they would 'work together' to end the war in Ukraine and to sort out issues over semiconductors. There was no word on either the future of Taiwan or TikTok. In other words, all the difficult stuff was kicked into the long grass, which means it will eventually re-emerge as a problem in the future."
An unexpectedly short Trump–Xi meeting produced limited trade outcomes, including a one-year agreement on rare earths and critical minerals described by Mr Trump as 'settled'. China agreed to resume purchases of US soyabeans and to 'work very hard to stop fentanyl', prompting Washington to cut fentanyl-related tariffs to 10% and reduce overall duties on Chinese goods to 47%. The two countries agreed to 'work together' on ending the war in Ukraine and on semiconductor issues. No decisions were announced on Taiwan or TikTok. The remaining contentious issues were deferred and the core deal will be reviewed annually, leaving results underwhelming.
Read at London Business News | Londonlovesbusiness.com
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