US and China To Pause 100 Percent Tariffs and Rare Earth Export Controls
In a major breakthrough, top economic officials from the U.S. and China have drafted a trade deal, which is expected to be finalized by President Donald Trump and Chinese President Xi Jinping.The agreement is set to halt the escalation of 100 percent tariffs and Chinese rare earths export controls, and resume U.S. soybean sales to China.The trade deal was discussed during the ASEAN Summit in Kuala Lumpur. U.S. Treasury Secretary Scott Bessent indicated that the looming threat of Trump’s 100% tariffs on Chinese imports, due to commence on November 1, has been averted, reports Reuters. Bessent also expects China to delay its rare earth minerals and magnets licensing regime by a year.While Chinese officials have not disclosed ...Full story available on Benzinga.com
