SEOUL : Speaking after his talks with Chinese President Xi Jinping on the sidelines of the China-US meeting in South Korea, Trump confirmed that “obstacles had been removed” and that the new agreement will be implemented for an initial period of one year.
As part of the understanding, the United States will reduce tariffs on Chinese products entering the US market from 57 percent to 47 percent. Trump said the decision followed discussions aimed at curbing the smuggling of fentanyl, a deadly synthetic opioid, into the United States.
While the US president did not disclose specific details of the agreement, the announcement signals a new phase of cooperation between the world’s two largest economies. Rare earth minerals, including elements such as neodymium, dysprosium, and terbium, are vital for the production of electric vehicle motors, wind turbines, advanced electronics, and defense equipment.
In a significant development, Trump and Xi have reached an agreement on rare earth minerals, with the US agreeing to cut tariffs on Chinese goods from 57% to 47%. This deal, set for a one-year implementation, marks a new era of cooperation between the two economic giants, focusing on reducing fentanyl smuggling and enhancing trade relations.