China and the United States reached a one-year trade truce agreement on Thursday in South Korea, temporarily putting a "pause" on their years-long economic confrontation, but the details of the consensus remain unclear, triggering doubts from the outside world. According to initial information released by both sides, Beijing has promised to expand purchases of U.S. soybeans, delay restrictions on rare earth exports for one year, and strengthen control over fentanyl and its precursor chemicals; in exchange, the U.S. will reduce tariffs on China by 10 percentage points, suspend investigations into China's shipbuilding industry, and delay new export restriction rules. Bessembinder said the agreement was reached in Kuala Lumpur negotiations and could be signed as early as next week. China has committed to purchasing 12 million tons of U.S. soybeans from now until January next year, and 25 million tons annually for the next three years, and to suspend new rare earth export controls. Trump said this move "removed the rare earth barrier" and stated that China would "strictly crack down on the production related to fentanyl." However, the outside world noted that the agreement lacks an implementation mechanism and does not involve sensitive issues such as the Taiwan Strait or China's purchase of Russian oil. Former White House Chief Strategist Bannon warned that "the details are crucial," while many analysts pointed out that this truce is more like a "political buffer agreement" rather than a "fair and great trade agreement" as claimed by Trump.
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Original: www.toutiao.com/article/1847477271333002/
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