The U.S. and China have agreed on a trade deal that would reduce tariffs and expedite shipments of rare-earth metals.<\/p>\n
United States Treasury Secretary Scott Bessent said on Friday that U.S. tariffs on Chinese imports will now start at 30%, while China\u2019s duty rate on goods from the U.S. will be at 10%. The 20% fentanyl levy on China will also stay in place.<\/p>\n
In April, the Trump administration hit Chinese imports with a 145% tariff rate. China retaliated by slapping a 125% tariff on goods imported from the U.S.<\/p>\n
\u201cNow our tariffs are at 30% on them, we\u2019re at 10%,\u201d Bessent said on Fox Business<\/a>. \u201cWe\u2019re collecting a substantial tariff income.\u201d<\/p>\n President Donald Trump announced the agreement with China on Thursday during a news conference<\/a> that \u201cWe just signed with China yesterday,\u201d without further explanation.<\/p>\n China\u2019s Commerce Ministry confirmed that both nations have reached a framework for a deal in a statement on Friday.<\/p>\n \u201cChina will review and approve export applications for controlled items that meet the required criteria, while the United States will lift a series of restrictive measures previously imposed on China,\u201d the country\u2019s Ministry of Commerce said in a statement to China Daily News<\/a>.<\/p>\n U.S. levies on Chinese goods stood at an average of 51.1% for most imports before Thursday\u2019s trade deal was announced, while China\u2019s duties on American products were at 32.6%, according to the Peterson Institute for International Economics<\/a>.<\/p>\n Bessent also said China has agreed to remove its restrictions on exports of rare-earth metals.<\/p>\n On April 4, China began restricting exports of rare-earth magnets to the U.S., which are used in high-tech products such as computer chips and electric vehicle batteries.<\/p>\n \u201cWe have an agreement with them that will make magnets flow to everyone who had received them before on a regular basis,\u201d Bessent said.<\/p>\n The post US, China agree on deal for tariffs, rare-earth magnets<\/a> appeared first on FreightWaves<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The U.S. and China have agreed on a trade deal that would reduce tariffs and expedite shipments of…\n","protected":false},"author":3,"featured_media":19825,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,74,18578,18581,79,5005,15396,18580,18244,18579,67,132,68],"class_list":{"0":"post-19824","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-china","10":"tag-chinese-imports","11":"tag-commerce-ministry","12":"tag-economy","13":"tag-president-donald-trump","14":"tag-rare-earth-metals","15":"tag-rare-earth-magnets","16":"tag-scott-bessent","17":"tag-tariff-rate","18":"tag-united-states","19":"tag-unitedstates","20":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114756924620285816","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/19824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=19824"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/19824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/19825"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=19824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=19824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=19824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}