washington dc3 minutes ago
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The framework of the trade deal between America and China has been decided. US Finance Minister Scott Besant said that both the countries have agreed on a framework agreement to avoid imposing 100% extra tariff on Chinese imports.
This decision has been taken before the meeting of Trump and Chinese President Xi Jinping in South Korea this week. The US had threatened to impose 100% additional tariffs on China on October 10. To avoid this, a deadline of 1 November was given to make the trade deal.
Trump is currently on a tour to Asian countries. He started his journey from Malaysia. Here he participated in the signing ceremony of the peace agreement between Thailand and Cambodia on the sidelines of the ASEAN Summit. Now he has left for Japan.
Donald Trump left from Malaysia on Monday morning to visit Japan.
China bans export of 5 rare earth materials
China has 17 rare earth materials, which it exports to the world. These are used in electronic goods, EVs and defense sector. China already had control over 7 rare minerals, but on October 9, 5 more were added to it (Holmium, Erbium, Thulium, Europium and Ytterbium).
That means China has control over 12 out of 17 rare minerals. Before using them, it will be necessary to obtain export license from China. The move could impact the security and industry of the US and its allies, as China controls 70% of the world’s rare mineral supply and 90% of its processing.
China removes top trade negotiator
China has removed its top trade negotiator Li Chenggang from the post. He was recently involved in four rounds of talks with the US.
The government issued an official statement saying that he has been removed from the post of China’s permanent representative in the World Trade Organization (WTO). Li Yongjia has been appointed in his place.
This change comes at a time when US Treasury Secretary Scott Besant criticized Li Chenggang’s behavior. Besant said that
Li came to Washington uninvited and threatened that if the US imposed port tariffs, China would cause ‘global chaos’.
After this, preparations for new talks have begun between American and Chinese officials. Both the countries may next meet in Malaysia so that some consensus can be reached before the summit of Trump and Jinping.
Expert said – America attacked first, now it is becoming innocent
Regarding Trump’s aggressive foreign policy, Professor Jin Kanrong of Beijing’s Renmin University said – America first attacked China and now is trying to show itself innocent.
At the same time, Professor Wu Xinbo of Shanghai’s Fudan University said – This step exposes America’s wrong intentions. Trump’s team has no idea of the consequences of its decisions.
He further said that America banned chips and technology, now China is responding to it.
On the proposed meeting between Xi and Trump, Wu said that Trump will have to take concrete steps to improve relations. China will not tolerate American pressure.
Wang Yiwei, another professor at Renmin University, said- China understands Trump’s strategy very well. This time America is more troubled. Our message is clear that America should cooperate with China.
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