desk
Share
News Topical, Digital Desk : US President Donald Trump announced on Wednesday that a major trade deal with China has been completed. Under this agreement, China will supply rare minerals and magnets to America, while in return America will allow Chinese students to study in its universities and colleges.
This news is being considered a big step towards reducing tensions between the two countries. Trump called it his diplomatic victory and said that this agreement is now with him and Chinese President Xi Jinping for final approval.
Trump announced the deal on his Truth social platform. He wrote, “Our deal with China has been completed, subject to final approval by me and President Xi. China will give us all the magnets and all the rare minerals we need upfront. In return, we will give what we promised, including allowing Chinese students to study at our colleges and universities (which has always been fine with me!). We are getting a 55% tariff, while China gets 10%. Our relationship is great! Thanks for looking into this.”
Rare minerals had spoiled the relationship, now things are improving
In May this year, the trade relations between the two countries soured due to rare minerals. The tariff war had increased the tension between the two countries. But now this new agreement is an attempt to remove that bitterness. On Tuesday, American and Chinese officials said that both the countries have prepared a framework, which will bring the trade agreement back on track. This also includes the removal of export restrictions imposed by China on rare minerals.
China gave support to America
This agreement is the result of recent talks held in London, where the export of rare minerals was the biggest issue. Trump made it clear that this agreement has not been fully implemented yet and it requires his and President Xi Jinping's final approval. On the other hand, China's Deputy Prime Minister said that Beijing is ready for "strong cooperation" with Washington.
This agreement is important not only for trade but also for the relations between the two countries. Rare minerals are very important for technology and industries. This agreement will facilitate their supply to America. Along with this, Chinese students will get an opportunity to study in American universities. This will further strengthen the cultural and educational relations between the two countries.
--Advertisement--
