US, China Have Finalized Tariff Understanding, Lutnick Says
The US and China have finalized a trade understanding reached last month in Geneva, US Commerce Secretary Howard Lutnick said.
“That deal was signed and sealed two days ago,” Lutnick said Thursday in an interview with Bloomberg Television.
The agreement codifies the terms laid out in talks between Beijing and Washington in Geneva earlier this month, Lutnick said. The US and China held a second round of negotiations in London this month after both sides accused each other of violating the earlier agreement that saw both countries lower tariffs from very high levels.
Negotiators from the US and China announced after two days of talks they arrived at an understanding, pending approval from President Donald Trump and Chinese President Xi Jinping.
A White House official said the US and China agreed to the terms to implement the Geneva accord. The Chinese Embassy in Washington did not immediately respond to a request for comment.
Lutnick was asked to clarify comments from Trump, who said earlier Thursday during a White House event that “we just signed with China yesterday” without explaining what he was referring to.
“They’re going to deliver rare earths to us” and once they do that “we’ll take down our countermeasures,” the Commerce secretary told Bloomberg News in an interview.
Read more: US Allows Ethane Cargoes to Sail to China But Not Discharge
Those US measures include export curbs on materials, such as ethane, used for plastics production in China, chip software and jet engines. Those limits, however, will not be lifted until magnets starts flowing from China, Lutnick said.
The agreement signed two days ago includes language on China delivering rare earths to the US, according to the secretary.
Source : Bloomberg
