US and China reach an agreement

Former US President Donald Trump announced that the long-standing negotiations with China over rare earth elements and customs tariffs have been completed. In an announcement made on the social media platform Truth Social, Trump said that the agreement now only awaits final approval from Chinese President Xi Jinping and himself.

According to Trump's statement, under the agreement, the US will impose a total of 55 percent in customs tariffs against China. In return, China will apply only a 10 percent tariff on US products.

"CHINA WILL PROVIDE RARE EARTH ELEMENTS"

Trump announced that China has agreed to supply the US with strategically important rare earth elements. These elements are of critical importance to the US due to their wide range of applications, from high-tech products to the defense industry.

Trump also stated that under the agreement, the US has agreed to meet some of China's demands. One of these is keeping the path open for Chinese students to receive education at US universities.

"OUR RELATIONS WITH XI ARE EXCELLENT"

Stating that his relations with Chinese President Xi Jinping are "excellent," Trump expressed that a fair agreement has been reached that will protect the interests of both countries. Trump said, "Both sides defended their own interests. This agreement will strengthen economic stability between the two countries in the long term."

A NEW BALANCE IN TRADE WARS?

The agreement reveals that the US has gained a significant advantage in the customs tariffs it imposes on China. Trump's statement of "55 percent for us, 10 percent for them" reflects that the US has taken a more aggressive position in the trade war. 

News Source: 12punto