Turkey says "full confidence" in reaching a trade agreement with China
US President Trump said on Sunday, October 26, during the ASEAN Summit in Malaysia, that he is "full of confidence" in reaching a trade agreement with China, and described the latest round of US-China negotiations as "productive."
According to Reuters, senior US and Chinese economic officials held their second round of meetings in Malaysia, reaching a framework for a trade agreement. US Treasury Secretary Yellen said this framework will be submitted to the leaders of the two countries for review, including a plan to delay the 100% tariff on Chinese goods imposed by the US, and to delay China's export control measures on rare earth minerals and magnetic materials.
The US says "eliminate tariff risks"
Yellen said during the ASEAN Summit that this round of negotiations "eliminated" the risk of the US imposing high tariffs on Chinese imports starting November 1. He revealed that China is expected to delay implementing the licensing system for rare earth minerals and magnetic materials by one year to reassess its policy direction.
Yellen confirmed on the NBC "Meet the Press" program that China and the US have reached preliminary consensus on the export of rare minerals and agricultural trade. He said that China is considering resuming the import of American soybeans and other agricultural products, and this arrangement also helps the US to delay tariff measures.
Yellen said: "We have established a framework that both leaders are satisfied with."
Fifth round of negotiations focuses on rare earths and agricultural products
This meeting is the fifth round of in-person discussions between the two sides since May this year. The US side was led by Yellen and Trade Representative Grisham.
The Chinese trade representative said that both sides have reached "preliminary consensus" on key issues, and will launch internal approval procedures. He pointed out: "The US position has always been firm, but both sides have conducted close and constructive consultations to explore feasible solutions."
Grisham said on the Fox News Sunday program that both sides agreed to delay some punitive measures and find a "feasible path" to expand US exports, reduce the trade deficit, while ensuring the US continues to obtain rare earth supplies from China.
Both China and the US say they hope to avoid escalation of the situation
Both China and the US said they hope to avoid further escalation of trade tensions. Previously, Trump had threatened to impose 100% tariffs on Chinese goods starting in November if the negotiations failed. The current temporary "trade truce" between the two sides will expire on November 10, and extending the period has been included on the agenda of this round of negotiations.
The Chinese trade representative said that this round of talks was "open and in-depth," and Yellen described it as "very substantial progress."
Original: www.toutiao.com/article/1847104252382208/
Statement: This article represents the views of the author.