Trump unveils details after US-China trade deal signed
Donald Trump, President of the US (photo: Getty Images)
The US has signed a trade agreement with China and plans to conclude a similar deal with India, states US President Donald Trump.
“We just signed with China,” the president said.
He also added that the US plans to sign a similar agreement with India.
At the same time, Trump noted that Washington won’t necessarily negotiate with every country. Some nations, he said, will simply receive a message stating, “You’re going to pay 25-35-45%.”
“That’s the easy way to do it. But my people don’t want to do it that way. They want to do more deals than I would do,” Trump added.
US import tariffs
In early April, Donald Trump imposed tariffs on imports from most countries that are trade partners of the US. The tariff rates ranged from 10% to 49%.
However, on April 9, the president decided to temporarily suspend these tariffs for 90 days. Washington planned to use this period to hold separate negotiations with each country and conclude bilateral trade agreements.
The most intense standoff under this trade policy emerged between the US and China. Both sides repeatedly and emotionally raised tariffs against each other, with US rates reaching as high as 145% and China’s up to 125%.
Eventually, the two countries began negotiations on a separate trade deal. By late May, it was reported that talks over tariffs were stalling and required the direct involvement of Trump and Xi Jinping.
During the negotiation process, Beijing lifted certain restrictions on the export of rare earth metals.
Additionally, China agreed to export rare earth minerals and magnets to the US.
