US-China agreement
US President Donald Trump and Chinese President Xi Jinping met today after 6 years. The two leaders met in Busan, South Korea, where they shook hands and greeted each other and held bilateral talks for about two hours. Relations between the two countries had soured since the last meeting in Osaka, Japan in 2019. But this time the atmosphere in the meeting seemed somewhat changed. Xi Jinping also praised Trump’s efforts to stop the war and restore peace.
After the meeting, big news has come out regarding trade war. Trump has announced that the tariffs on imports from China will now be reduced. After this decision, it is believed that there can be relief in the long-running trade tension between America and China.
Big relief to China on tariffs
After the meeting, President Trump informed that the heavy tariff imposed on goods coming from China will be reduced from 57% to 47%. Describing this meeting as wonderful, Trump said that many big decisions have been taken during this period. It is believed that this 10% reduction has made an important beginning towards normalizing trade relations.
Donald Trump and Xi Jinping
Preparations for Trump’s China visit
President Trump also emphasized that both the countries will sign a big trade agreement very soon. He also announced that he would visit China to finalize this agreement. This announcement is being seen as a sign of a new beginning in trade relations between the two superpowers.
Case on ‘rare earth’ also resolved
Another important result of this meeting was regarding ‘Rare Earth Elements’, the supply of which is dominated by China. Trump said, “There are no restrictions on ‘rare earths’… this issue has been completely resolved.”
A senior American official traveling with Trump has also confirmed this. He said that China will continue to export these important elements. This news is a big relief for the technology and defense sector, because the supply chain of these industries depends heavily on these elements and there was a danger of supply stoppage.
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