Trump says that the American trade agreement with China has ended, after the London performance tariffs conversations

London – President Trump declared Wednesday morning that an “agreement with China is made.” The American leader offered some key details of a The “Marco Agreement” reached Among commercial representatives of the United States and Chinese in London in London on Tuesday, but acknowledged that both Chinese President Xi Jinping had not yet formally signed the agreement.

The United States and Chinese commercial teams ended two days of marathon negotiations in London near midnight on Tuesday, and the parties said they had agreed a new “Marco Agreement” to relieve The commercial war between the two largest economies in the world.

The tension had only increased in recent weeks, despite a Agreement reached in Geneva During a first round of conversations in May to put the most steep retaliation rates. These record-high tariffs must be returned on July 9, unless the agreement reached in London is formalized by Trump and XI.

In the month since Geneva conversations, Beijing had reduced their exports of critical elements of rare earths to the US He said “I would revoke aggressively” The visas of Chinese students in the United States that were linked to the Chinese Communist Party.

While the announcement of Mr. Trump’s main negotiators on Tuesday night of an agreed frame was thin in the details, the president said in a publication on his own real social networks on Wednesday morning that was “made, subject to the final approval with President Xi and me.”

Trump said the agreement would see China maintain its current 10% tariffs in the imported goods of the USA., While the United States would maintain 55% of tariffs on Chinese imports.

“President XI and I worked in close collaboration to open China to US trade,” Trump added in a later position. “This would be a great victory for both countries!”

There was no immediate confirmation of the China government of the terms agreed in the framework, or if President XI intended to sign the agreement.

In Geneva, Beijing and Washington agreed in May to put their unprecedented tariffs of more than 100% in imports of others waiting for 90 days. That brought us tariffs to Chinese imports at their current level of 30% after they triggered briefly to about 145%.

Chinese tariffs are currently 10%, after reaching 125% before the round of Geneva conversations.

Speaking on Tuesday, the Deputy Minister of Commerce, Li Chenggang, who participated in the conversations in London, confirmed the agreement on a framework, “in principle.”

On Wednesday, China’s state media said the delegations had “made new progress”, but did not offer details.

“The Framework Agreement puts the meat in the bones of an agreement reached last month in Geneva to relieve bilateral reprisal rates,” said the United States Secretary of Commerce, Howard Lutnick, to journalists after the conversations in London, which covered six hours on Monday and then more than 12 hours on Tuesday night.

Lutnick said that part of the objective of the second round of meetings this week was just to take “the negativity” of the bilateral relationship, which had been feast since the Geneva speaks.

“Now we can advance to try to make a positive trade, growing trade,” he said.

The United States wants China to resume and increase rare earth shipments. The materials are vital for the industries that range from weapons and aerospace vehicles to electric vehicles and small consumer goods.

On Wednesday, in its publication on the social networks of the capital letter, Trump said that by virtue of the agreement reached in London, “the complete magnets, and any necessary rare earth, will be supplied, in advance, by China. In the same way, we will provide China what was agreed, including Chinese students who use our universities and universities.”

“The relationship is excellent!” Mr. Trump added.

“At stake is the launch of rare earth exports to US manufacturers (reserves are decreasing rapidly, in exchange for aerospace pieces and semiconductor programming technology to China,” said Carl Weinberg, chief economist of high frequency economy, to investors in a report. “A ‘failure’ would increase the risk of stopping the production of cars and airplanes as soon as the next month. That happens, economic growth will severely abolish for an unknown term. “

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