According to Bloomberg News and other sources on the 26th (local time), President Donald Trump held a press conference at the White House in Washington, DC, to announce "One Big, Beautiful Bill."
"We signed a deal with China yesterday," he said at a promotion event for the legislation, without giving specific details.
In an interview with U.S. News, he said, "We have finalized the trade agreement we reached in Geneva last month," and "President Trump signed the agreement two days ago."
According to Secretary Lutnick, the agreement, which incorporates the results of two rounds of high-level trade talks between the U.S. and China, codifies the terms of those talks into law.
After the first round of high-level trade talks in Geneva last month, the United States and China have accused each other of breaking an earlier agreement to significantly reduce high tariffs, with President Trump and Xi
Following a telephone conversation between Chinese President Jinping and the US, the second round of high-level trade talks was held in London on the 9th and 10th of this month. During the second round of high-level trade talks, the US-China delegation held two days of "marathon" talks,
"China will supply us with rare earths," Lutnick said in an interview. "If they follow through on this,
"If China delays exports of rare earths and key minerals, we will withdraw the restrictions," he said. The United States last month slashed exports of semiconductor design software, jet fuel, and other products to China, accusing the country of delaying exports of rare earths and key minerals.
The United States has decided to restrict exports of aircraft engine parts, chemical and nuclear materials. "These restrictions will not be lifted until rare earths start flowing in from China," said Secretary of State Lutnick.
"The agreement signed two days ago explicitly states that China will supply rare earths to the United States," he said.
Although the US-China Geneva trade agreement has been finalized, the actual implementation level and final
The key to the deal is likely to be the scale of rare earths being shipped to the US and the resumption of US exports of cutting-edge technology to China, experts say.
Meanwhile, on the same day, President Trump said, "We are working on some big deals," and "the next deal is probably the Indian market.
"We will make a very big deal with India that will open up the borders," he said. On July 8, the Trump administration issued a set of rules to discriminate against 57 economies around the world (56 countries and the European Union).
The grace period for the mutual tariffs that have been imposed on the two countries in a round of negotiations is about to expire. As a result, negotiations are underway with each economic entity regarding tariff rates, trade balance, and the elimination of non-tariff barriers.
In relation to this, White House Press Secretary Caroline Levitt said on the same day that there is a possibility that the deadline for the mutual tariff waivers may be extended, and that the final decision will be made by Donald Trump.
He said the decision would be made by President Trump.
2025/06/27 09:49 KST
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