US Treasury Secretary: Agreement Reached with China on Rare Earths and Soybeans
US Treasury Secretary Scott Bensons announced on Sunday that China is considering delaying the implementation of rare mineral export restrictions and resuming purchases of soybeans from the United States, thus avoiding a significant increase in tariffs on Chinese goods.
According to AFP, the US-China trade negotiations began on Saturday in Kuala Lumpur, the capital of Malaysia, and achieved promising results on Sunday. Both sides decided that the leaders of the two countries will meet on Thursday in South Korea to end the trade war.
Previously, President of the United States Donald Trump warned that if China strengthens control over the export of rare earths and the technology required for their refining, he would impose 100% tariffs on Chinese goods starting November 01.
On ABC Television, Bensons said on Sunday, "I think we have avoided this situation."
He added that China "will delay for one year to reassess the situation." He also revealed that during the talks with the Chinese vice premier in Kuala Lumpur, Beijing also agreed to "make large purchases of agricultural products from American farmers."
Bensons said, "I think when the agreement reached with China is announced, our soybean farmers will be very happy, not only this season, but also for the next few years."
According to the Chinese trade representative, Beijing and Washington have reached a "tentative consensus" on resolving the trade dispute.
On Saturday, President Trump on Air Force One said, "I think the chance of us reaching a comprehensive agreement is very high."
Source: rfi
Original: www.toutiao.com/article/1847101249770572/
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