The United States and China have signed a trade agreement, said President Donald Trump, adding that he was soon expecting an agreement with India.
Commerce secretary Howard Lunick told Bloomberg TV that the agreement had been signed earlier this week. Neither Lodnick nor Trump provided any details on the agreement.
“We just signed with China the other day,” said Trump on Thursday evening.
Lutnick said the agreement had been “signed and sealed” two days earlier.
He followed the initial discussions in Geneva in early May which led the two parties to postpone massively price hikes who threatened to freeze a lot of trade between the two countries. Later Conferences in London Defining a framework for negotiations and the agreement mentioned by Trump seemed to formalize this agreement.
“The president likes to conclude these agreements. He is the job. We will have an agreement after the agreement,” said Lunick.
China has not announced any new agreement, but it announced earlier this week that it accelerates the export approvals rareMaterials used in high -tech products such as electric vehicles. Beijing limits on rare earth exports were a key discord.
The Chinese trade ministry said Thursday that Beijing has accelerated the examination of export license requests for rare land and had approved “a number of requests for compliant”.
Mineral export controls have apparently overshadowed prices in the last series of commercial negotiations between Beijing and Washington after China has imposed authorized requirements on seven rare elements in April, threatening to disrupt the production of cars, robots, wind turbines and other high-tech products in the United States and the world.
The agreement concluded in May in Geneva asked that the two parties are reduced Punitive price hikes Imposed as Trump degenerated his trade war and has greatly increased import rights. Some higher rates, such as those imposed by Washington linked to fentanyl trade and aluminum and steel tasks, remain in place.
Quick changing policies are wreaking havoc on the two largest economies in the world.
THE The US economy contracted at 0.5% Annual rate from January to March, partly because imports increased while businesses and households rushed to buy foreign products before Trump could impose prices for them.
In China, factory benefits have flowed more than 9% compared to the previous year in May, car manufacturers suffering from a large part of this drop. They dropped more than 1% from one year to the next in January-May.
Trump and other US officials said they expected to conclude trade agreements with many other countries, including India.
“We are going to have an agreement after agreement after agreement,” said Libnick.
