In the ongoing discussion of trade and tariffs, Politico and others reported that the US and China are following through on a deal to lift export restrictions on items essential for technology production.
Following the temporary trade deal between the two countries to slash tariffs back in May, talks continued in June as the US and China agreed to resume the flow of rare earth minerals and magnets (which are essential in civilian and military technology manufacturing) from China to the US Meanwhile, the US would lift export restrictions on items like chip software, ethane, and jet engines.
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“The Chinese side is examining and approving applications for export licenses for eligible controlled items in accordance with the law. The US side has also taken corresponding actions to cancel a series of restrictive measures against China, and the Chinese side has been informed of the relevant information,” a spokesperson for China’s Ministry of Commerce said on Friday, as translated by Politico.
President Trump also agreed not to revoke Chinese student visas, as he had threatened to take them away, and agreed to a maximum of 55 percent tariffs on China. Chinese tariffs on US goods will be ten percent.
Topics
Donald Trump
Tariffs
