Washington: The United States and China have reached an understanding of accelerating rare land exports to the United States, according to a White House official.
The official said that both sides agreed on a trade framework during the recent conversations aimed at facilitating tension and improving the cooperation on key materials.
After conversations in Geneva in May, Washington and Beijing agreed to temporarily lower steep tit-for-tat-tuke on each other’s products. China also undertook to facilitate some non-duty countermeasures, but US officials later accused Beijing of violating the covenant and delayed export license approvals for rare earths.
Both sides eventually agreed on a framework to promote Geneva Consensus after London conversations this month.
On Thursday, a White House official told AFP that President Donald Trump’s administration and China had “accepted a further understanding of a framework for implementing the Geneva Agreement.”
This clarification came after Trump told an event that Washington had “just signed” an agreement relating to trade with China, without offering further details.
On the question of Trump’s comments on Bloomberg TV, US trade secretary Howard Lutnick referred to the London negotiations and said the framework agreement-which needed the approval of the top level-now was “signed and sealed.”
Separately on Thursday, the White House also indicated that Washington could extend a July deadline when steeper customs digit affecting dozens of economies must take effect.
While Trump imposed a sweeping 10% tax on most trading partners this year, he had revealed – then paused – higher rates of dozens of economies during ongoing conversations.
This break is set to expire on July 9th.
When asked if there were plans to extend the break, press secretary Karoline Leavitt told journalists: “Maybe it could be expanded, but it is a decision for the president to make.”
“The deadline is not critical,” she said. “The president can simply give these countries a deal if they refuse to make us one before the deadline.”
This means that Trump can “choose a mutual customs rate, which he believes is advantageous to the United States,” she added.
Lutnick told Bloomberg TV that Washington would advertise some offers in the next week or so.
“Those who have appointments want offers, and everyone else who has negotiated with us, they get an answer from us,” he said.
“July 9 will move on. And as the president said, if people want to return and negotiate further, they are eligible for, but the duty rate will be set and turned off we are going,” Lutnick added.
About progress with trade negotiations, Leavitt said that US trade representative Jamieson Greer “works very hard” and has had “good and productive discussions with many of our most important trading partners.”
